Gasoline price today 9/2: "Downhill" week

Oil prices today, September 2, according to Dailyfx, at 5:30 a.m. (Vietnam time), Brent and WTI oil prices extended the decline of the last trading session of last week.

Today's oil prices, September 2, Brent and WTI oil prices extended the decline of the last trading session of last week. (Source: Oilprice)

Last week, both Brent and WTI recorded their second consecutive weekly decline, with Brent down 0.3% and WTI down 1.7%. Both benchmarks slipped further below the $80/barrel mark.

The volatility of oil prices last week was influenced by the main factors of reduced oil production in Libya, the possibility of Iraq cutting production, tensions in the Middle East, continued decline in US oil inventories, and strong consumer spending in the US.

In the past 5 trading sessions, oil prices increased in 2 sessions and decreased in 3 sessions. Although there were strong increases in the first and fourth trading sessions of the week, the sharp declines in the second, third and fifth sessions caused oil prices to experience another week of "downhill".

According to Oilprice, the eastern Benghazi government has stopped production at key oilfields such as Sharara, Sarir, Abu Attifel and Amal, and blocked most of the country's export ports. This means that more than half of Libya's crude oil production, about 700,000 barrels, has not been produced per day. Many analysts believe that Libya will "lose" about 1 million barrels per day of the total 1.2 million barrels that the country produces per day due to the internal instability, and it is very difficult for Libya to restore production soon.

Also on the supply side, Iraq, a member of OPEC+, will cut production to between 3.85 million and 3.9 million barrels per day, after producing around 4.25 million barrels per day in July.

Last week, citing weaker demand in China, Goldman Sachs cut its Brent crude oil price forecast for 2025 to an average of $77 a barrel, down $5 from its previous forecast of $82 a barrel. The bank also lowered its Brent price range for next year to $70-$85 a barrel.

The plunge in oil prices last week was not only affected by data showing that US consumer confidence increased in August but the unemployment rate soared, US oil inventories fell lower than expected and the possibility that the US Federal Reserve (Fed) would cut interest rates by 0.25 percentage points instead of 0.5 percentage points in September, but also by the strong increase in the US dollar (over 101).

This week, the market will turn its attention to the US non -farm payrolls report for August, scheduled to be released on September 6. The report is likely to impact the Fed's decision on interest rate cuts.

Domestic retail prices of gasoline on September 2 are as follows:

E5 RON 92 gasoline is not more than 20,332 VND/liter.

RON 95-III gasoline is not more than 21,109 VND/liter.

Diesel oil not more than 18,477 VND/liter.

Kerosene not more than 19,065 VND/liter.

Fuel oil not exceeding 15,562 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of August 29. In this session, the price of diesel oil decreased the most, by 299 VND/liter, followed by RON 95-III gasoline, which decreased by 208 VND/liter. Fuel oil decreased by 194 VND/kg, and E5 RON 92 gasoline decreased by 92 VND/liter. Kerosene decreased the least, by 84 VND/liter.

This is the second consecutive reduction in domestic gasoline prices.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-29-tuan-do-deo-284729.html