Brent crude oil prices rose $1.04, or 1.2%, to $90 a barrel. This is the first time since November 16, 2022, that Brent oil prices have been at $90 a barrel.
Similarly, US WTI crude oil prices rose $1.14, or 1.3%, to $86.69 a barrel - a 10-month high.
Investors had expected Saudi Arabia and Russia to extend voluntary cuts until October. However, the world's two top oil suppliers unexpectedly announced a three-month extension.
With production cuts extended, the market will be in deficit by more than 1.5 million barrels per day in the fourth quarter of this year, said UBS analyst Giovanni Staunovo, who also expects Brent crude to hit $95 a barrel by the end of the year.
The rise in oil prices was also fueled by positive economic data from China and the US.
China has recently announced a number of measures to support the economy, including cutting deposit interest rates at some major banks and easing lending rules for home buyers.
In the US, gloomy economic data suggests the US Federal Reserve (Fed) is unlikely to raise interest rates at its meeting this month to avoid putting further pressure on the economy.
In addition, US inventories have fallen to their lowest level since the beginning of this year and are likely to fall further due to high demand in the year-end period in this country.
Domestically, yesterday afternoon, the Ministry of Finance and the Ministry of Industry and Trade adjusted gasoline prices. Specifically, the highest increase in gasoline prices was 270 VND/liter, and the highest increase in oil prices was 505 VND/liter. Notably, the price of fuel oil decreased by 277 VND/kg.
Thus, the price of gasoline has increased for the 6th consecutive time. Since the beginning of the year, gasoline prices have undergone 25 adjustments, including 15 increases, 7 decreases and 3 unchanged.
The retail price of domestic gasoline on September 6 is specifically as follows: E5 RON 92 gasoline is not more than VND 23,471/liter; RON 95 gasoline is not more than VND 24,871/liter; diesel oil is not more than VND 22,645/liter; kerosene is not more than VND 22,814/liter; mazut oil is not more than VND 17,704/kg.
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