Brent oil exceeds $90/barrel

Today's oil price, September 9, analysts say that oil prices are going up because basic information about supply and demand in the medium term is still supporting prices.

Oil prices today, September 9, analysts say, oil prices are rising because basic information about supply and demand in the medium term is still supporting prices. (Source: Reuters)

Data from Oilprice shows that at 9:07 a.m. on September 8 (Vietnam time), Brent crude oil was trading at $89.52 per barrel, down $0.4, or 0.44%, from the previous session. WTI crude oil was at $86.44 per barrel, down $0.43, or 0.49%, from the previous session.

At 8:30 p.m. on September 8 (Vietnam time), Brent oil price reached 90.49 USD/barrel, up 0.57 USD, equivalent to 0.63% compared to the previous session. WTI oil price was at 87.31 USD/barrel, up 0.44 USD, equivalent to 0.51% compared to the previous session.

Analysts say oil prices are rising because basic information about supply and demand in the medium term is still supporting prices.

Oil prices jumped earlier this week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts until the end of the year.

According to some sources, Russia will cut oil exports by 300,000 barrels per day in September. Previously, in August, Russia cut 500,000 barrels per day.

Saudi Arabia is expected to extend its plan to cut production by 1 million barrels per day into October.

Saudi Arabia’s largest source of employment and corporate profits is largely unaffected by the oil production cuts, according to the International Monetary Fund. The IMF believes that non-oil growth in Saudi Arabia will continue, at least in 2023-2024.

Steady growth allows Saudi Arabia to maintain its policy of limiting production, willing to reduce market share to enjoy higher profits. As supply tightens, oil prices will stay high.

Meanwhile, US crude oil reserves in August fell by 6.3 million barrels, three times the 2.1 million barrel decrease previously forecast by analysts.

Goldman Sachs (USA) said that if both Russia and Saudi Arabia continue to tighten supply, oil prices could reach $107/barrel by December 2024, equivalent to the early period of the Russia-Ukraine war.

Domestic retail prices of gasoline on September 9 are as follows:

E5 RON 92 gasoline is not more than 23,471 VND/liter.

RON 95 gasoline is not more than 24,871 VND/liter.

Diesel oil not more than 22,645 VND/liter.

Kerosene not more than 22,814 VND/liter.

Fuel oil not exceeding 17,704 VND/kg.

The domestic gasoline prices mentioned above were adjusted up by the Ministry of Finance - Ministry of Industry and Trade in the price adjustment session on the afternoon of September 5. Specifically, the highest increase in gasoline price was 270 VND/liter, the highest increase in oil price was 505 VND/liter. Notably, the price of fuel oil decreased by 277 VND/kg.

In this adjustment period, the joint ministries do not set aside the Price Stabilization Fund for all petroleum products; do not spend the Price Stabilization Fund for all petroleum products.

Thus, domestic gasoline prices have increased for the 6th consecutive time.

Source