Gasoline prices today December 2: Increased due to escalating geopolitical tensions

World oil prices jumped more than 1% at the end of the trading session on the first day of December, as the market reacted to Ukrainian drone attacks and the US closing airspace to Venezuela.

On the morning of December 2, oil prices continued to increase. At the end of the session at dawn today (Vietnam time), Brent oil prices increased by 0.79 USD/barrel, equivalent to 1.27%, to 63.17 USD/barrel; WTI oil prices increased by 0.77 USD/barrel, equivalent to 1.32%, to 59.32 USD/barrel.

Analysts say the market is worried about the possibility of a drop in Russian crude oil supplies. Even concerns about the risk of conflict between the US and Venezuela are behind the main concern now, which is the war in Ukraine. According to Reuters, Ukrainian drone attacks on two oil tankers belonging to Russia's "dark fleet" in the Black Sea have disrupted exports in the region and caused serious damage at the port.

OPEC+'s decision to temporarily suspend production increase supports falling oil prices (PHOTO: REUTERS)

In addition to the attacks in Ukraine, the commitment of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to temporarily suspend production increases has helped push oil prices up. OPEC+ recently decided to suspend production increases from the beginning of November, to avoid the risk of oversupply amid uncertain demand.

However, overall, Brent and WTI oil prices have fallen consecutively for the past four months, marking the longest losing streak since 2023, due to concerns that global supply will continue to increase.

Domestically, retail gasoline prices are currently at VND20,000/liter, which is considered quite stable this year. World market developments show that gasoline prices in the price adjustment period next Thursday afternoon (December 4) may increase or decrease depending on the product. It is forecasted that gasoline products may increase by more than VND500/liter, while oil products may decrease by nearly VND500/liter. This forecast does not include the Petroleum Price Stabilization Fund.

On the morning of December 2, retail discounts on gasoline and oil, according to businesses and retail agents, are quite good. Information shows that discounts at gasoline and oil depots in the northern region range from 1,200 - 1,400 VND/liter./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-2122025-bat-tang-do-cang-thang-dia-chinh-tri-leo-thang-185251202082632488.htm

Source: https://baolongan.vn/gasoline-price-hom-nay-02-12-bat-tang-do-cang-thang-dia-chinh-tri-leo-thang-a207608.html