Brent crude surpasses $90 per barrel.

Today's gasoline and oil prices (September 9th): Analysts believe that oil prices are rising because fundamental information regarding supply and demand in the medium term continues to support prices.

Today, September 9th, fuel prices are rising, according to analysts, due to fundamental supply and demand information that continues to support prices in the medium term. (Source: Reuters)

According to data from Oilprice , at 9:07 AM on September 8th (Vietnam time), Brent crude oil was trading at $89.52 per barrel, down $0.40, 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.

As of 8:30 PM on September 8th (Vietnam time), Brent crude oil was priced at $90.49 per barrel, up $0.57, or 0.63%, from the previous session. WTI crude oil was at $87.31 per barrel, up $0.44, or 0.51%, from the previous session.

Analysts believe that oil prices are rising because fundamental information regarding supply and demand in the medium term continues to support prices.

Earlier this week, oil prices surged after Saudi Arabia and Russia, the world's two leading oil exporters, extended voluntary supply cuts until the end of the year.

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

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

According to the International Monetary Fund (IMF), Saudi Arabia's largest source of employment and corporate profits has been largely unaffected by the oil production cuts. The IMF believes that non-oil growth in Saudi Arabia, at least through 2023-2024, will continue.

Stable growth allows Saudi Arabia to maintain its policy of limiting production, willing to reduce market share to enjoy higher profits. When supply is tight, oil prices will remain high.

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

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

The retail prices of gasoline and diesel in Vietnam on September 9th are as follows:

E5 RON 92 gasoline should not exceed 23,471 VND/liter.

RON 95 gasoline should not exceed 24,871 VND/liter.

Diesel fuel prices should not exceed 22,645 VND/liter.

Kerosene price should not exceed 22,814 VND/liter.

Fuel oil price should not exceed 17,704 VND/kg.

The aforementioned domestic fuel prices were adjusted upwards by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting on the afternoon of September 5th. Specifically, gasoline prices increased by a maximum of 270 VND/liter, and diesel prices increased by a maximum of 505 VND/liter. Notably, the price of mazut decreased by 277 VND/kg.

In this price adjustment period, the inter-ministerial committee did not allocate funds to the Price Stabilization Fund for any petroleum products; nor did it disburse funds from the Price Stabilization Fund for any petroleum products.

Thus, domestic gasoline and diesel prices have increased for the sixth consecutive time.

Source