World oil prices remain near their highest level in the past 7 weeks. Domestically, gasoline prices may continue to be adjusted upward this week.
At the end of the trading session on June 10, Brent oil price decreased by 0.17 USD/barrel, equivalent to 0.3%, to 66.87 USD/barrel; WTI oil price decreased by 0.31 USD/barrel, equivalent to 0.5%, to 64.98 USD/barrel.
Oil prices held near a seven-week high on Friday as markets awaited direction from US-China trade talks, Reuters reported. Analysts said a trade deal between the world’s two largest economies could boost oil prices by supporting global economic growth and increasing demand for oil.
Trade talks between the United States and China entered a second day in London, as the two sides struggled to reach a breakthrough on export controls that threaten to derail an already fragile tariff truce reached in Geneva last month.
World oil prices remain near their highest level in the past 7 weeks. Illustration photo: Bizz Buzz
Reuters quoted US Commerce Secretary Howard Lutnick as saying that negotiations with Chinese officials were progressing well but also noted that negotiations could extend into the next day.
Meanwhile, the World Bank (WB) has lowered its 2025 global growth forecast to 2.3%, cutting 0.4 percentage points from its previous forecast, citing higher taxes and increased uncertainty as "drag" factors for most economies around the world.
Saudi Arabia's state oil giant Saudi Aramco will ship about 47 million barrels of oil to China in July, down 1 million barrels from June's supply, Reuters reported.
“This could be an early sign that OPEC+ is easing production cuts, a significant increase in supply is unlikely,” said Harry Tchilinguirian, head of research at Onyx Capital Group.
Illustration photo: Reuters
Senior commodities expert Daniel Hynes at ANZ bank said the prospect of OPEC continuing to increase production was still putting pressure on the market.
OPEC+, a group that accounts for about half of global oil output and includes the Organization of the Petroleum Exporting Countries (OPEC) and partners such as Russia, has outlined plans to increase output by 411,000 barrels per day in July.
OPEC's oil output increase in May was limited, a Reuters survey showed, as Iraq - OPEC's second-largest producer after Saudi Arabia - pumped below its target to offset earlier overproduction; while Saudi Arabia and the United Arab Emirates (UAE) adjusted their output higher but lower than allowed.
Iran said it would soon make a counter-proposal to the nuclear deal in response to the US proposal, which Tehran called “unacceptable.” Meanwhile, US President Donald Trump said the two sides remain deeply divided over whether Iran should be allowed to continue enriching uranium on its soil.
Iran is currently the third largest oil producer in OPEC and any easing of sanctions by the US would allow Iran to export more oil, which could drag down crude prices.
In another development, the European Commission (EC) has proposed the 18th package of sanctions against Russia over the war in Ukraine, proposing a complete ban on transactions related to the Nord Stream pipeline and lowering the ceiling on Moscow's oil export prices from 60 to 45 USD/barrel.
Russia is the world's second-largest crude oil producer in 2024 after the United States and increased sanctions could knock Russian crude off the global market, causing a major impact on global crude prices.
Domestic gasoline prices
Domestic retail prices of gasoline on June 11, specifically as follows:
E5 RON 92 gasoline is not higher than 19,263 VND/liter. RON 95-III gasoline is not higher than VND 19,698/liter. Diesel oil is not higher than 17,420 VND/liter. Kerosene is not higher than 17,284 VND/liter. Fuel oil is not higher than 16,178 VND/kg |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of June 12. World oil prices decreased slightly in the second trading session of the week, affecting domestic gasoline and oil prices. This week, domestic gasoline and oil prices may continue to be adjusted upward.
In the most recent adjustment, the price of E5 RON 92 gasoline increased by 67 VND/liter, RON 95-III gasoline increased by 133 VND/liter, diesel increased by 284 VND/liter, and kerosene increased by 176 VND/liter. However, the price of fuel oil decreased by 86 VND/kg.
Since the beginning of the year, domestic gasoline prices have undergone 23 adjustment sessions, including 9 decreases, 9 increases and 5 opposite sessions.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-11-6-hoi-hop-cho-ket-qua-dam-phan-thuong-mai-my-trung-quoc-5049682.html
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