Specifically, Brent oil price was trading at 83.15 USD/barrel, down 0.10 USD. Meanwhile, WTI oil price was at 78.15 USD/barrel, down 0.05 USD.
Last week, oil prices maintained their weekly gains for the second consecutive week, however, the gains were modest with Brent crude rising more than 1% and WTI crude rising about 3%.
Oil prices fell today amid investors' uncertainty about the path of US interest rate cuts and global oil demand has not improved.
Last week, the International Energy Agency (IEA) forecast global oil demand growth to slow to 1.22 million barrels per day, about half the growth rate in 2023 and lower than its previous forecast of 1.24 million barrels per day.
Meanwhile, the US crude oil inventory report also jumped. US crude oil inventories last week were around 12 million barrels, nearly five times the analysts' expectation of only an increase of 2.6 million barrels.
US retail sales fell 0.8% in January, data showed on Thursday, adding to expectations that the Federal Reserve will soon cut interest rates.
Besides, recent developments show that geopolitical tensions in the Middle East and Eastern Europe are unlikely to cool down and affect oil prices.
A ceasefire and peace deal in Ukraine have yet to be reached. Meanwhile, talks between US, Egyptian, Israeli and Qatari mediators on a ceasefire in Gaza have ended without any breakthrough. In the Red Sea, Houthi forces continue to attack ships with trade ties to the US, UK and Israel.
News from the Middle East continues to be of interest to investors this week. The Federal Open Market Committee (FOMC) minutes and PMI index will provide a more complete picture of interest rates and inflation in the US.
Domestic retail prices of gasoline on February 19 are as follows: E5 RON 92 gasoline is no more than VND 22,831/liter; RON 95-III gasoline is no more than VND 23,919/liter; diesel oil is no more than VND 21,361/liter; kerosene is no more than VND 21,221/liter; fuel oil is no more than VND 15,906/kg.
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