World oil prices reversed course and fell 1%.

Today's gasoline and diesel prices , world oil prices on June 22 , 2024

According to Oilprice at 4:30 AM on June 2, 2024 (Vietnam time), WTI crude oil was priced at $80.59 per barrel, down 0.69% (equivalent to a decrease of $0.56 per barrel).

WTI oil prices on the world market early morning of June 22nd (Vietnam time)

Similarly, Brent crude oil prices stood at $85.16 per barrel, down 0.64% (equivalent to a decrease of $0.55 per barrel).

Brent crude oil prices on the world market early morning of June 22nd (Vietnam time)

Crude oil prices fell by about 1% in today's trading session due to concerns that global oil demand growth could be affected by a strong US dollar and negative economic news from several parts of the world.

Prices fell despite signs of improving US oil demand and declining fuel inventories, which had helped push crude oil prices to a seven-week high the previous day.

The decline pushed WTI out of technically overbought territory for the first time in four days, while Brent crude futures remained overbought for the fourth consecutive day, the first time since early April. For the week, both benchmark crudes rose around 3% after gaining around 4% the previous week.

The US dollar rose to a seven-week high against a basket of other currencies thanks to the Federal Reserve's patient approach to interest rate cuts, contrasting with more dovish stances elsewhere.

The Fed aggressively raised interest rates in 2022 and 2023 to curb rising inflation. Higher interest rates increased borrowing costs for consumers and businesses, which could slow economic growth and reduce demand for oil.

A stronger US dollar can also reduce demand for oil by making commodities priced in the greenback, such as oil, more expensive for holders of other currencies.

In the world's largest oil consumer, US business activity surged to a 26-month high in June amid a job recovery, but price pressures eased significantly, raising hopes that the recent slowdown in inflation may be sustained.

However, sales of existing homes in the U.S. fell for the third consecutive month in May as record-high home prices and a renewed rise in mortgage interest rates deterred potential buyers.

Data from the U.S. Energy Information Agency on Thursday showed that total output supplied, representing oil demand, increased by 1.9 million barrels per day last week to 21.1 million barrels per day.

Despite falling crude oil prices, U.S. gasoline futures rose for the fourth consecutive day to their highest level in a month due to increased demand during the summer driving season and declining inventories.

Domestic fuel prices today, June 22, 2024

Domestic retail gasoline and diesel prices on June 22, 2024, are applied according to the adjustment made at 3 PM on June 20 by the Joint Ministry of Finance - Ministry of Industry and Trade.

Domestic fuel prices are based on the adjustment made on June 20th. (Image for illustration purposes only.)

Specifically, the price of E5 RON 92 gasoline increased to 21,508 VND/liter; and RON 95 gasoline increased to 22,466 VND/liter.

In this price adjustment, oil prices have risen again. Specifically, diesel prices reached 20,360 VND/liter; kerosene reached 20,356 VND/liter. Mazut oil was also adjusted upwards by 334 VND/kg to 17,223 VND/kg.

Item	Price (VND/liter/kg)	Difference compared to the previous period
E5 RON 92 gasoline	21,508	+198
RON 95 gasoline	22,466	+231
Diesel	20,360	+720
Oil	20,356	+497
Fuel oil	17,223	+334

According to the Ministry of Industry and Trade, the changes in domestic gasoline and diesel prices are due to factors such as: escalating tensions in the Middle East, ongoing military conflict between Russia and Ukraine, and Ukraine's continued attacks on Russian oil storage facilities. These factors have caused global gasoline and diesel prices to trend upwards in recent days.

Regarding the Fuel Price Stabilization Fund (BOG) in this price adjustment period, the inter-ministerial committee of the Ministry of Industry and Trade and the Ministry of Finance decided: No contributions or expenditures from the Fuel Price Stabilization Fund will be made for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.

Thus, from the beginning of the year until now, the regulatory agency has implemented 25 fuel price adjustments, including 10 simultaneous increases, 7 price decreases, and 8 periods of alternating increases and decreases.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-2262024-gia-dau-the-gioi-dao-chieu-giam-1-327428.html