Today's fuel prices (December 17th): Oil prices decline as investors await signals on interest rates from the Fed.

World oil prices

At 6:00 AM on December 17th, Brent crude oil prices fell 58 cents, or 0.78%, to $73.91 per barrel. WTI crude oil prices fell 10 cents, or 0.14%, to $70.61 per barrel.

Oil prices continued to fall due to weakening consumer spending in China – the world's largest oil importer – and as investors paused buying ahead of the US Federal Reserve's interest rate decision.

Reuters, citing data from China's National Bureau of Statistics, reported that China's industrial output rose 5.4% year-on-year in November, higher than the 5.3% increase in October and exceeding expectations of a 5.3% increase in a Reuters poll.

However, retail sales, a measure of consumer spending, rose 3%, the lowest level in three months and significantly lower than the 4.8% increase in October and analysts' forecast of 4.6%. The weaker-than-expected retail sales continue to put pressure on China to increase stimulus measures for its fragile economy, which is facing US trade tariffs.

Oil prices continue to fall. (Photo: Reuters)

According to Bob Yawger, director of energy futures contracts at Mizuho in New York, this is a very pessimistic scenario with little hope for growth in demand for crude oil.

The outlook for Chinese demand has forced the Organization of Petroleum Exporting Countries and its allies (OPEC+) to postpone plans to increase production until the end of the first quarter of 2025.

Domestic fuel prices

In the price adjustment on December 12th, the price of E5 RON92 gasoline decreased by 3 VND/liter, not exceeding 19,861 VND/liter; conversely, the price of RON95 gasoline increased by 33 VND/liter, not exceeding 20,596 VND/liter.

Meanwhile, the prices of all types of oil decreased. Diesel prices fell by 127 VND/liter, not exceeding 18,255 VND/liter. Kerosene prices decreased by 251 VND/liter, not exceeding 18,566 VND/liter, and fuel oil prices decreased by 551 VND/kg, not exceeding 15,574 VND/kg.

During this period, the regulatory agency continued to neither allocate funds nor utilize the fuel price stabilization fund for all commodities.

Ngoc Vy

Source: https://vtcnews.vn/gia-xang-dau-hom-nay-17-12-cho-doi-tin-hieu-lai-suat-tu-fed-dau-suy-giam-ar914169.html