Gasoline prices today August 4th decreased for the third consecutive session

World oil prices continued to decline in the first session of the week. Many forecasts show that oil may fluctuate this week due to the risk of US sanctions against Russia and especially OPEC+ increasing production.

On the morning of August 4, gasoline and oil prices fell across the board, maintaining the downward trend from the last two sessions of last week. At 7:30 a.m. (Vietnam time), both benchmark oil prices lost about 0.5%, with Brent crude trading at $69.35 per barrel and US WTI crude trading at $67 per barrel.

Last week, oil prices increased in the first 3 trading sessions of the week and then decreased in the last 2 sessions of the week. At the end of last week, oil prices decreased by about 3%.

According to Reuters, on August 3, the Organization of the Petroleum Exporting Countries and its allies (OPEC +) agreed to increase production by 547,000 barrels per day in September. This is the latest move in a series of production increases to regain market share, amid growing concerns about the possibility of supply disruptions related to Russia.

Domestic gasoline prices may decrease slightly this week. PHOTO: NHAT THINH

The decision marks a complete and earlier-than-expected reversal of OPEC+'s previous largest production cut deal, including a separate increase for the United Arab Emirates (UAE), bringing the total increase to about 2.5 million barrels per day, equivalent to 2.4% of global demand.

In other developments, President Donald Trump’s threat to sanction China and India for buying Russian oil could put 2.75 million barrels of Russian seaborne oil exports at risk. Experts predict that oil prices this week will depend heavily on political moves, especially from the White House. If the US decides to “activate” sanctions on Russia sooner than expected, the oil market could be volatile.

Domestically, on the morning of August 4, the retail price of gasoline and oil announced by the Vietnam Oil Corporation was as follows: RON95-III gasoline 19,840 VND/liter; E10 RON 95-III gasoline 19,600 VND/liter; E5 RON 92-II gasoline 19,400 VND/liter, 0.05S-II diesel oil is 19,060 VND/liter; 0.001SV diesel oil is 19,360 VND/liter, kerosene is 18,710 VND/liter./.

According to Thanh Nien Newspaper

Source: https://baolongan.vn/gia-xang-dau-hom-nay-04-8-giam-phien-thu-3-lien-tiep-a200076.html