World oil prices fluctuate in opposite directions

World oil price today February 13

According to data from Oilprice at 6:30 a.m. on February 13 (Vietnam time), WTI oil price was trading at 77.00 USD/barrel, up 0.21% (up 0.16 USD/barrel).

In contrast, Brent oil price traded at 82.04 USD/barrel, down 0.18% (down 0.15 USD/barrel).

World oil prices fluctuated in different directions in today's trading session due to concerns about interest rates and global demand after prices increased about 6% last week.

World oil prices today fluctuated. (Illustration: Oilprice)

The US Federal Reserve's January consumer expectations survey showed that inflation prospects for one year and five years from now were unchanged, both remaining above the Fed's 2% target.

If inflation concerns delay a Fed rate cut, that could reduce oil demand as economic growth slows.

US inflation data is due on Tuesday, while UK inflation data and eurozone gross domestic product (GDP) are due on Wednesday.

The International Energy Agency (IEA), which represents industrialized countries, predicts oil demand will peak in 2030, reducing the investment case.

The CEO of France's TotalEnergies, Patrick Pouyanne, said he did not see peak oil demand in the numbers, adding "we should get out of the debate about peak oil demand, get serious and invest".

The Organization of the Petroleum Exporting Countries (OPEC) believes oil use will continue to rise over the next two decades. Benchmark crude prices rose about 6% last week due to threats to shipping in the Red Sea, Ukrainian strikes on Russian refineries and U.S. refinery maintenance.

“We note again that global crude oil supplies have not been significantly disrupted by tensions in the Middle East and that rerouting oil shipments around the Red Sea has not significantly reduced global crude oil supplies,” said analysts at energy consultancy Ritterbusch and Associates.

Domestic gasoline prices

In the domestic market, the selling price of gasoline and oil today, February 13, is applied according to the price of the operating session on the afternoon of February 8.

Accordingly, the retail price of gasoline and oil was adjusted down by the Ministry of Finance and Industry and Trade.

The selling prices of gasoline and oil today, February 13, are applied according to the price of the operating session on the afternoon of February 8. (Illustration photo: Cong Hieu)

Specifically, E5 RON92 gasoline decreased by 793 VND/liter, not higher than 22,120 VND/liter, RON95 gasoline decreased by 898 VND/liter, to 23,262 VND/liter.

Diesel oil decreased by 292 VND/liter, not higher than 20,707 VND/liter; Kerosene decreased by 353 VND/liter, not higher than 20,588 VND/liter and fuel oil price decreased by 489 VND/kg, not higher than 15,598 VND/kg.

In this period, the petroleum price management agency has decided to set aside a price stabilization fund for fuel oil at VND300/kg (as in the previous period), and not set aside a fund for gasoline, diesel and kerosene. At the same time, the management agency will not use the fund for all petroleum products.

According to the explanation of the Ministry of Industry and Trade, the above changes in domestic gasoline prices are due to the influence of factors such as: information about ceasefire negotiations in Gaza, conflicts in the Red Sea region, increased gasoline inventories in the US, oil refineries in the US being overhauled, fire at oil refineries in Russia, continued difficulties in the Chinese economy that may limit oil demand...

This is the first time since the beginning of 2024 that gasoline prices have been adjusted down. Before that, gasoline prices had increased continuously for 4 consecutive weeks.

PHAM DUY

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