World oil prices reversed to increase after oil fields in the Kurdistan region of Iraq continued to be attacked for the fourth consecutive day. Domestically, gasoline prices have been adjusted down.
World oil prices
Oil prices rose about $1 in trading on July 17 after oil fields in Iraq's Kurdistan region were attacked by drones for the fourth consecutive day, indicating that tensions in the region have not cooled down.
According to Reuters, at the end of the trading session on July 17, Brent oil price increased by 1.00 USD/barrel, equivalent to 1.46%, to 69.52 USD/barrel. Meanwhile, WTI oil price increased by 1.16 USD/barrel, equivalent to 1.75%, to 67.54 USD/barrel.
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| World oil prices increased slightly in the trading session on July 17. Illustration photo: Business Day |
Drone attacks on oil fields in Iraq's semi-autonomous Kurdistan region in recent days have caused oil production in the region to drop by 140,000-150,000 barrels per day, or more than half of the usual output of about 280,000 barrels per day.
“One of the reasons for the price increase is the drone attacks in Iraq, which shows how vulnerable the oil supply is to cyberattacks,” said Andrew Lipow, president of Lipow Oil Associates, an oil and gas consulting firm.
Markets are also uncertain about the tariffs that US President Donald Trump is about to impose, which could shift oil flows from the US to India and China, added Andrew Lipow.
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| Illustration photo: Reuters |
“In the short term, oil prices will continue to be volatile due to uncertainty over the final decision on US tariffs and their impact on global growth,” said Panmure Liberum analyst Ashley Kelty.
According to the US Energy Information Administration (EIA), the country's crude oil inventories fell by 3.9 million barrels last week, much higher than the expectation of a decrease of 552,000 barrels according to the survey results of Reuters.
Last week, the International Energy Agency (IEA) also said that increasing oil production did not cause global inventories to increase, which proves that the market is still "thirsty" for oil.
Domestic gasoline prices
Domestic retail prices of gasoline on July 18, specifically as follows:
| - E5RON92 gasoline: Not higher than 19,481 VND/liter. - RON95-III gasoline: No higher than VND 19,925/liter. - Diesel 0.05S: Not higher than 18,799 VND/liter. - Kerosene: Not higher than 18,429 VND/liter. - Mazut oil 180CST 3.5S: Not higher than 15,478 VND/kg. |
The Ministry of Industry and Trade and the Ministry of Finance decided to adjust retail gasoline prices from 3:00 p.m. on July 17. Accordingly, the price of E5RON92 gasoline decreased by VND178/liter, RON95-III gasoline decreased by VND165/liter; diesel oil price decreased by VND38/liter; kerosene increased by VND58/liter; and fuel oil price decreased by VND85/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 the following main factors: US crude oil inventories decreased, while distillate inventories increased; OPEC+ forecasts that oil demand will continue to increase in the third quarter; information about the US's new import tax policy on goods from trading partners; the ongoing military conflict between Russia and Ukraine... The above factors have caused world oil prices to fluctuate up and down depending on each item in recent days.
DUC AN
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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-18-7-dao-chieu-tang-382706.html
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