World oil price
Reuters Reportedly, at the end of the session on May 22, oil price increased by 5%. The rally in oil prices was fueled by forecasts of increased oil demand in the second half of the year, while supplies from Canada and OPEC+ fell in recent weeks.
However, oil prices were controlled by a stronger dollar and as the market awaited news of US debt ceiling negotiations.
Brent crude for July delivery rose 7 cents, or 41%, to $0,5 a barrel. US WTI oil for June delivery rose 75,99 cents, or 6%, to $44 a barrel, while the July contract rose 0,6% to $71,99 a barrel.
The biggest price driver, according to Reuters, is the fact that US gasoline futures rose 2,8% to a one-month high of $2,6489 per gallon.
Analysts at energy consulting firm Ritterbusch and Associates said that rising gasoline prices have supported oil prices to climb as the Memorial Day holiday approaches. This holiday marks the beginning of the peak summer driving season in the US.
Meanwhile, in its latest monthly report, the International Energy Agency (IEA) warned of an impending oil shortage in the second half of the year as demand is expected to exceed supply by nearly 2 million barrels per month. day.
Asia will lead oil demand growth of around 2 million bpd in the second half of the year, an increase likely to lead to supply shortages and push up prices, a senior executive at Vitol said. High.
Last week, both oil benchmarks rose about 2%, experiencing their first weekly gain in four straight weeks of declines after wildfires disrupted crude supplies in Alberta, Canada.
Voluntary production cuts by members of OPEC+ also took effect this month.
In addition, oil production in the Kurdish region of Iraq continues to decline as export flows to the Turkish port of Ceyhan show little sign of restarting after a nearly two-month shutdown.
JP Morgan said that total exports of crude oil and oil products from OPEC+ fell by 1,7 million bpd on May 16, and that Russia's oil exports are likely to decline by the end of May.
Last Saturday, at their annual meeting, G7 leaders pledged to intensify efforts to combat Russia's avoidance of price ceilings on oil and fuel exports.
According to Edward Moya, senior market analyst at data and analytics firm OANDA, oil prices are at a low point as energy traders are watching what happens with debt ceiling negotiations. of America. Negotiations are being resumed in an effort to avoid the country falling into an unprecedented default.
A stronger dollar also limits the rise of oil prices. Investors are waiting for new signals on whether the US Federal Reserve (Fed) is likely to continue raising interest rates. Higher interest rates will increase borrowing costs and can slow the economy and reduce oil demand.
Domestic petrol price
Retail prices of petrol and oil in the country on July 23 are as follows:
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E5 RON 92 gasoline is not more than 20.488 VND/liter.
RON 95 gasoline is not more than 21.499 VND/liter.
Diesel oil is not more than 17.954 VND/liter.
Kerosene does not exceed 17.969 VND/liter.
Fuel oil is not more than 15.158 VND/kg.
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The retail price of petrol in the country mentioned above has been adjusted by the Ministry of Finance - Industry and Trade in the afternoon of May 22, with the highest increase of 5 VND / liter.
In this operating period, the inter-ministerial department has set up a price stabilization fund for E5 RON 92 gasoline at 300 VND/liter (as in the previous period), RON 95 gasoline at 300 VND/liter (as in the previous period); diesel at 300 VND/liter (as in the previous period); kerosene at 300 VND/liter (as in the previous period); fuel oil at 300 VND/kg (as in the previous period); and do not spend the price stabilization fund for all gasoline and oil products.
With this adjustment, gasoline prices rebounded slightly after three consecutive declines.
Since the beginning of the year, gasoline prices have undergone 14 adjustments, of which 8 times increased, 5 times decreased, and 1 times remained unchanged.
MAI HUONG
