Oil price today December 17: Waiting for interest rate signal from Fed, oil declines

World oil prices

At 6:00 a.m. on December 17, Brent crude fell 58 cents, or 0.78%, to $73.91 a barrel. WTI crude fell 10 cents, or 0.14%, to $70.61 a barrel.

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

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

However, retail sales, a gauge of consumer spending, rose 3%, the slowest in three months and well below the 4.8% gain in October and the 4.6% rise analysts had forecast. The weaker-than-expected retail sales continue to pressure China to step up stimulus for its fragile economy, which is facing U.S. trade tariffs.

Oil prices continue to decline. (Photo: Reuters).

This is a very bearish scenario with little hope of growth in demand for crude oil, said Bob Yawger, director of energy futures at Mizuho in New York.

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

Domestic gasoline prices

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

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

In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for all products.

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