Gasoline price today (July 10): Continue to increase

World oil prices continued to rise in Wednesday's trading session, as investors assessed the impact of strong gasoline demand in the US.

World oil prices continued to rise in Wednesday's trading session, as investors assessed the impact of strong gasoline demand in the US.

World oil prices

According to Reuters, Brent oil price increased by 4 cents, equivalent to 0.06%, to 70.19 USD/barrel; WTI oil price increased by 5 cents, equivalent to 0.07%, to 68.38 USD/barrel.

Crude oil inventories unexpectedly rose to 7.1 million barrels, against forecasts for a 2.1 million barrel decline, the U.S. Energy Information Administration (EIA) reported. However, gasoline and distillate inventories both fell, reflecting strong demand; it said gasoline demand rose to 9.2 million barrels per day last week.

World oil prices continued to rise in Wednesday's trading session. Illustration photo: Getty

Oil prices were also supported by the EIA's forecast that US oil production will decline in 2025 compared to its previous forecast, as recent low oil prices have discouraged domestic producers from expanding their operations.

“The data shows that demand continues to increase and shows no signs of weakening,” said Phil Flynn, senior analyst at Price Futures Group.

The market is also reacting to the escalating tensions in the Red Sea. After months of calm, the area has seen new attacks on cargo ships. According to rescuers, six sailors have been rescued, while 15 others are still missing. Yemen’s Houthi rebels have claimed responsibility for the attacks.

“Global oil demand is expected to increase by 1.2-1.3 million barrels per day in the second half of this year, despite risks from trade tensions and new US tariff policies,” said Amin Al-Nasser, Chairman and CEO of Saudi Aramco.

Oil prices are showing remarkable resilience, despite OPEC+'s plan to increase supply. Illustration photo: Reuters

OPEC+ is planning to increase production sharply from September, as the group continues to ease voluntary cuts. Previously, OPEC+ agreed to increase production by 548,000 barrels per day from August, with the UAE taking a new, higher quota, Reuters reported.

“Oil prices are showing remarkable resilience, despite OPEC+’s plan to increase supply,” said Suvro Sarkar, head of energy at DBS Bank Asia.

Meanwhile, UAE Energy Minister Suhail al-Mazrouei said the oil market is absorbing OPEC+ production increases well without leading to stockpiling, which shows that demand remains high.

“Even with the continuous increase in supply, inventories have not increased significantly – which means the market really needs this oil,” Suhail al-Mazrouei stressed.

Domestic gasoline prices

Domestic retail prices of gasoline on July 10, specifically as follows:

- E5RON92 gasoline: No higher than 19,445 VND/liter.

- RON95-III gasoline: No higher than VND 19,906/liter.

- Diesel 0.05S: Not higher than 18,408 VND/liter.

- Kerosene: Not higher than 18,132 VND/liter.

- Mazut oil 180CST 3.5S: Not higher than 15,807 VND/kg.

The Ministry of Industry and Trade and the Ministry of Finance decided on retail gasoline prices from 3:00 p.m. on July 3. Accordingly, the price of E5RON92 gasoline decreased by VND1,085/liter, RON95-III gasoline decreased by VND1,210/liter; diesel oil price decreased by VND941/liter; kerosene decreased by VND932/liter; and fuel oil decreased by VND1,148/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

According to the joint ministries, the world oil market in this management period is affected by major factors such as: OPEC+ plans to increase oil production in August; Iran announces suspension of cooperation with the International Atomic Energy Agency (IAEA); US crude oil reserves increase... The above factors have caused world oil prices to fluctuate up and down depending on each product in recent days.

HOANG TRUONG

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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-10-7-tiep-tuc-tang-381766.html