World oil prices go up, domestic prices are expected to decrease

Specifically, Brent oil price increased by 1.02 USD, equivalent to 1.4%, to 74.56 USD/barrel. US WTI oil price increased by 1.3%, to 69.47 USD/barrel.

Brent crude oil prices are trading at — Brent oil price is trading at 74.56 USD/barrel. Photo: screenshot

Oil prices received support today after the US military said a missile in Yemen hit a Norwegian oil tanker in the Red Sea, increasing the risk of disruption to oil supplies in the Middle East.

Oil prices also held gains after the US Federal Reserve (Fed) announced it would keep interest rates steady as expected and signaled it would start cutting borrowing costs in 2024. Lower interest rates reduce consumer borrowing costs, which could boost economic growth and oil demand.

According to the US Energy Information Administration (EIA), US oil inventories fell by 4.3 million barrels as of December 8 due to a decrease in imports.

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

According to API, in the week ending December 8, US crude oil inventories decreased by 2.349 million barrels; gasoline inventories increased by 5.8 million barrels and distillate 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, this afternoon, retail gasoline prices will be adjusted at the joint price management session of the Ministry of Finance - Ministry of Industry and Trade. Domestic gasoline prices are expected to decrease by about 300-800 VND/liter (kg).

Since the beginning of the year, domestic fuel prices have been adjusted 35 times, of which 18 times increased, 13 times decreased and 4 times remained unchanged.

The retail prices of domestic gasoline on December 14 are as follows: E5 RON 92 gasoline is not more than VND 21,290/liter; RON 95 gasoline is not more than VND 22,322/liter; diesel is not more than VND 19,721/liter; kerosene is not more than VND 20,922/liter; fuel oil is not more than VND 15,527/kg.

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