Global oil prices are rising, while domestic prices are forecast to fall.

Fuel prices continue to fluctuate sharply. (Illustrative image: Vietnam National Petroleum Group)

Specifically, Brent crude oil prices rose $1.02, or 1.4%, to $74.56 per barrel. US WTI crude oil prices increased 1.3%, to $69.47 per barrel.

Brent crude oil is trading at $74.56 per barrel. (Image: Screenshot)

Oil prices received support today after the US military reported that a missile fired in Yemen struck a Norwegian oil tanker in the Red Sea, raising the risk of disruptions to oil supplies in the Middle East.

In addition, oil prices maintained their gains after the US Federal Reserve (Fed) announced it would keep interest rates stable as expected and signaled it would begin lowering borrowing costs in 2024. Lower interest rates reduce consumer borrowing costs, which could boost economic growth and demand for oil.

According to the U.S. Energy Information Administration (EIA), U.S. oil inventories fell by 4.3 million barrels as of December 8 due to decreased imports.

Phil Flynn, an analyst at Price Futures Group, said the EIA report was more supportive than the report from the American Petroleum Institute (API) released the previous day.

According to the API, for the week ending December 8th, US crude oil inventories decreased by 2.349 million barrels; gasoline inventories increased by 5.8 million barrels; and distillate product inventories increased by 300,000 barrels.

In another development, at the COP28 conference, nearly 200 countries reached an agreement to begin reducing global fossil fuel consumption.

Domestically, retail gasoline and diesel prices will be adjusted this afternoon as part of the inter-ministerial price adjustment by the Ministry of Finance and the Ministry of Industry and Trade. Domestic gasoline and diesel prices are expected to decrease by approximately 300-800 VND/liter (or kg).

Since the beginning of the year, domestic fuel prices have been adjusted 35 times, including 18 increases, 13 decreases, and 4 periods where prices remained unchanged.

The retail prices of petroleum products in Vietnam on December 14th are as follows: E5 RON 92 gasoline not exceeding 21,290 VND/liter; RON 95 gasoline not exceeding 22,322 VND/liter; diesel fuel not exceeding 19,721 VND/liter; kerosene not exceeding 20,922 VND/liter; and fuel oil not exceeding 15,527 VND/kg.

Source: https://laodong.vn/kinh-doanh/gia-dau-the-gioi-di-len-trong-nuoc-du-bao-giam-1279657.ldo