Oil prices hit 2-month high

Oil prices suddenly spiked about 3%. Illustration photo: Oil and Gas Group

Specifically, Brent oil price increased by 2.39 USD, equivalent to 2.99%, to 82.29 USD/barrel. US WTI oil price increased by 2.27 USD, equivalent to 3.02%, to 77.36 USD/barrel.

Brent oil price is trading at 82.29 USD/barrel. Photo: screenshot

According to Reuters, geopolitical tensions in the Middle East and shipping disruptions in the Red Sea corridor remain the focus of rising oil prices.

A 24-nation coalition led by the US and UK has launched new military actions against Houthi forces in Yemen, after they attacked ships passing through the Red Sea and affected global trade.

Fueling the acceleration in oil prices was data from the US Energy Information Administration (EIA) showing that US crude oil inventories fell by 9.2 million barrels last week, more than four times the 2.2 million barrel decline forecast by analysts.

In addition, Mr. Yawger said that in the fourth quarter of 2023, the US GDP increased by 3.3%, much higher than the expected increase of only 2%. This is a positive indicator for the US economy and that supports oil prices.

Oil prices also received support from hopes that China's economy is recovering after the country's central bank said it would cut the amount of cash banks hold as reserves from February 5.

The market has been waiting for economic stimulus from China for months, and cuts in bank reserves could boost oil demand, said John Kilduff, partner at Again Capital LLC. But the prospect of higher interest rates remains in many parts of the world.

On January 25, the European Central Bank kept its benchmark interest rate at a record high of 4%.

Domestically, yesterday afternoon, the retail price of gasoline and oil was adjusted at the joint price management session of the Ministry of Finance - Industry and Trade. Of which, RON 95-III gasoline increased by 925 VND/liter, E5 RON 92 gasoline increased by 753 VND/liter, diesel increased by 182 VND/liter. Notably, fuel oil was adjusted down by 14 VND/kg.

In this operating period, the joint ministries set aside the Price Stabilization Fund for fuel oil at 300 VND/kg; did not set aside the Price Stabilization Fund for gasoline, diesel oil and kerosene; and did not use the Price Stabilization Fund for all gasoline products.

The retail price of domestic gasoline on January 26 is as follows: E5 RON 92 gasoline is not more than VND 22,171/liter; RON 95-III gasoline is not more than VND 23,407/liter; diesel oil is not more than VND 20,376/liter; kerosene is not more than VND 20,544/liter; fuel oil is not more than VND 15,494/kg.

Source: https://laodong.vn/kinh-doanh/gia-dau-len-muc-cao-nhat-trong-vong-2-thang-1297173.ldo