Specifically, Brent crude oil prices fell 0.07% to $81.97 per barrel. US WTI crude oil prices fell 0.03% to $78.21 per barrel.
According to a report from the U.S. Department of Commerce, the U.S. Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred measure of inflation, rose 0.3% in January. The core PCE index increased 0.4%.
This indicator shows that January inflation was in line with economists ' expectations, leaving a June interest rate cut still under consideration.
Data from some of the region's largest economies shows that eurozone inflation continued to fall in February, further strengthening the possibility that the European Central Bank will begin easing interest rates later this year.
High interest rates have helped many major Western economies curb inflation, potentially slowing economic growth and reducing demand for oil.
On the supply side, US crude oil inventories rose by 4.2 million barrels, marking the fifth consecutive week of increases following refinery shutdowns caused by winter storms in January.
Earlier reports indicated that the Organization of Petroleum Exporting Countries and its allies (OPEC+) would consider extending voluntary oil production cuts into the second quarter. This information caused oil prices to plummet.
A Reuters survey shows that OPEC pumped 26.42 million barrels per day this month, up 90,000 barrels per day from January. Libya's production increased by 150,000 barrels per day compared to the previous month.
A Reuters survey of 40 economists and analysts forecasts an average price of $81.13 per barrel for the previous month's contract this year.
Domestically, yesterday afternoon, retail gasoline and diesel prices were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment period. Accordingly, the prices of E5 RON 92 and RON 95-III gasoline increased by 277 VND/liter and 330 VND/liter respectively. Conversely, diesel prices decreased, with diesel decreasing by 137 VND/liter and kerosene decreasing by 136 VND/liter. However, mazut oil increased by 30 VND/kg.
In this price adjustment period, the inter-ministerial committee allocated 300 VND/kg to the Fuel Price Stabilization Fund for fuel oil, but did not allocate funds for E5 RON 92 gasoline, RON 95 gasoline, diesel fuel, and kerosene. No funds from the Fuel Price Stabilization Fund were also used for E5 RON 92 gasoline, RON 95 gasoline, diesel fuel, kerosene, or fuel oil.
Since the beginning of the year, gasoline prices have increased 6 times and decreased 3 times.
Domestic retail fuel prices on March 1st are as follows: E5 RON 92 gasoline not exceeding 22,752 VND/liter; RON 95-III gasoline not exceeding 23,929 VND/liter; diesel fuel not exceeding 20,773 VND/liter; kerosene not exceeding 20,785 VND/liter; and fuel oil not exceeding 15,959 VND/kg.
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