Oil prices fall after hitting four-month high

Oil prices slipped slightly but remained above $85 a barrel. Photo: Oil and Gas Group

Specifically, Brent oil price decreased by 0.11% to 85.26 USD/barrel. US WTI oil price decreased by 0.21% to 81.09 USD/barrel.

Brent oil price is trading at 85.26 USD/barrel. Photo: screenshot

Last month, oil prices fluctuated between $80 and $84 per barrel.

However, oil prices only rebounded to more than $85 a barrel after the International Energy Agency (IEA) raised its forecast for oil demand in 2024 for the fourth time as Houthi attacks continued to disrupt shipping in the Red Sea.

According to the IEA, world oil demand will increase by 1.3 million barrels per day this year, up 110,000 barrels per day from last month's forecast. The agency also forecasts a slight supply deficit this year if OPEC+ members maintain production cuts.

Phil Flynn, an analyst at Price Futures Group, commented that fuel supplies are tightening, so oil prices will rise further.

ANZ Bank analysts also noted that major US refineries are coming back online after long shutdowns for maintenance, which will boost global demand for crude.

Russia's seaborne fuel exports fell 1.5% in February from the previous month as refineries were forced to shut down due to attacks and fires, the Russian energy ministry said.

Damage to refineries could cut Russia's gasoline output by more than 10 percent, according to Dennis Kissler.

The retail price of domestic gasoline on March 16 is as follows: E5 RON 92 gasoline is not more than VND 22,490/liter; RON 95-III gasoline is not more than VND 23,543/liter; diesel oil is not more than VND 20,549/liter; kerosene is not more than VND 20,706/liter; mazut oil is not more than VND 16,432/kg.

Source: https://laodong.vn/kinh-doanh/gia-dau-quay-dau-giam-sau-khi-len-muc-cao-nhat-trong-4-thang-1315800.ldo