Oil prices rose about 2% to a four-month high on expectations that US sanctions on Russian oil will force buyers in India and China to seek other suppliers.
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| Gasoline prices today, January 14, oil prices increased about 2% to the highest level in 4 months. (Source: Reuters) |
Brent crude rose $1.25, or 1.6%, to $81.01 a barrel, its highest close since Aug. 26, 2024. WTI crude rose $2.25, or 2.9%, to $78.82 a barrel, its highest close since Aug. 12. Both benchmarks are in technically overbought territory for the second day in a row.
Chinese and Indian refiners are looking for alternative fuel supplies to adapt to new US sanctions on Russian producers and tankers, Reuters reported. The new sanctions are aimed at limiting the revenue of the world's second-largest oil exporter.
There are real concerns in the market about supply disruptions, said PVM analyst Tamas Varga. The worst-case scenario for Russian oil looks like it could be a realistic one. But it is unclear what will happen when Donald Trump takes office on January 20.
Goldman Sachs estimates that the vessels subject to the new sanctions will have transported 1.7 million barrels of oil per day, or 25% of Russia’s oil exports, by 2024. The bank increased its forecast for Brent prices to $70-$85 per barrel, with a positive outlook.
“No one will touch the ships on the new sanctions list,” said Igho Sanomi, founder of oil and gas trading company Taleveras Petroleum.
At least 65 oil tankers have dropped anchor in various locations, both off the coasts of China and Russia, since the US announced the new sanctions package.
Six European Union countries have called on the European Commission to lower the price ceiling imposed by the Group of Seven (G7) industrialized nations on Russian oil, saying it would reduce Moscow's revenues without causing a shock to the market.
In a move that could reduce some supply risks in the global oil market, mediators have given Israel and Hamas the final draft of a deal to end the war in Gaza after a breakthrough in talks involving envoys from both US President Joe Biden and President-elect Donald Trump.
Limiting oil's gains during the session, the dollar rose to a 26-month high against other currencies after data late last week showed U.S. job growth unexpectedly accelerated in December and the unemployment rate fell to 4.1 percent, which could lead to higher inflation and a narrowing of the number of interest rate cuts by the Federal Reserve in 2025.
Domestic retail prices of gasoline on January 14 are as follows:
E5 RON 92 gasoline is not more than 20,431 VND/liter. RON 95-III gasoline is not more than 21,019 VND/liter. Diesel oil not more than 19,243 VND/liter. Kerosene not more than 19,244 VND/liter. Fuel oil not exceeding 16,182 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted up by the Ministry of Finance - Industry and Trade in the price adjustment session on the afternoon of January 9. Diesel oil price increased the most, by 488 VND/liter, followed by kerosene, increasing by 410 VND/liter. E5 RON 92 gasoline price increased by 374 VND/liter, RON 95-III gasoline increased by 273 VND/liter. Mazut oil increased the least, by 83 VND/kg.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-141-bat-tang-vot-300859.html
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