Brent and WTI oil both go straight up

Today's gasoline and oil prices, August 28, Brent and WTI oil prices both rose. Previously, at the end of the trading session on August 27, oil prices fell about 2% after increasing more than 7% in the previous 3 trading sessions.

Oil prices today, August 28, Brent and WTI oil prices both rose. (Source: Reuters)

Brent crude fell $1.88, or 2.3%, to $79.55 a barrel. WTI crude fell $1.89, or 2.4%, to $75.53 a barrel.

Analysts at energy consultancy Ritterbusch and Associates commented that although prices have dropped significantly, they are still within normal adjustment ranges.

In the US, consumer confidence rose to a six-month high in August, but Americans are becoming more worried about the labour market after the unemployment rate jumped to a near three-year high of 4.3% last month.

The rise in unemployment has fueled expectations that the US Federal Reserve will cut interest rates next month. Lower interest rates could boost economic growth and oil demand.

UBS Global Wealth Management is predicting a 25% chance of a US recession, up from 20% previously, after citing weak data in the July labor report.

Goldman Sachs has cut its 2025 Brent price forecast and range by $5 a barrel, citing slowing demand in China. The bank has reduced its Brent price range to $70-$85 a barrel and expects Brent prices to average $77 a barrel in 2025, down from $82 a barrel previously.

Economic concerns in the US and China have overshadowed news that could impact supplies from Libya and the Middle East.

Oil prices have surged in recent days due to the possibility of a shutdown of Libyan oil fields and other tensions in the Middle East following counterattacks between Israel and Hezbollah.

Limiting oil’s decline during the session was U.S. petroleum inventory data from the American Petroleum Institute. For the week ending August 23, crude inventories fell by 3.4 million barrels, gasoline inventories fell by 1.86 million barrels and distillate inventories also fell by 1.4 million barrels.

Domestic retail prices of gasoline on August 27 are as follows:

E5 RON 92 gasoline is not more than 20,424 VND/liter.

RON 95-III gasoline is not more than 21,317 VND/liter.

Diesel oil not more than 18,776 VND/liter.

Kerosene not more than 19,149 VND/liter.

Fuel oil not exceeding 15,756 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session on the afternoon of August 22. In this session, the price of RON 95-III gasoline decreased the most, by 535 VND/liter. The price of E5 RON 92 gasoline decreased by 458 VND/liter, diesel oil decreased by 454 VND/liter, kerosene decreased by 423 VND/liter, and fuel oil decreased by 489 VND/kg.

Also during this management period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Domestic gasoline prices have returned to a downward trajectory after a jump in the afternoon adjustment on August 15. This is the 6th decrease in the last 8 adjustments.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-288-dau-brent-va-wti-cung-thang-tien-284140.html