World oil prices
World oil prices rose about 1% in the trading session on July 24, when information about a sharp decrease in US crude oil reserves and Russia's plan to cut gasoline exports overshadowed information about the US allowing Chevron to resume its exploitation activities in Venezuela.
Specifically, Brent oil price increased by 0.67 USD, equivalent to 0.98%, to 69.18 USD/barrel. WTI oil price increased by 0.78 USD, equivalent to 1.2%, to 66.03 USD/barrel.
World oil prices increased by about 1% in the trading session on July 24. Illustration photo: Planet Energies |
Earlier, oil prices fell during the trading session when news broke that the Trump administration was preparing to ease sanctions, allowing Chevron to resume operations in Venezuela - an OPEC member country under US sanctions.
“The news that Chevron is back in Venezuela has sent shockwaves through the market,” said John Kilduff, a partner at Again Capital LLC, an investment firm. But he said it was a unique case and did not reflect a trend toward opening up to other US oil companies.
Oil prices recovered late in the session after reports that Russia plans to cut gasoline exports, excluding some allied countries and countries with supply agreements such as Mongolia.
“Russia considering cutting gasoline exports has added momentum to the market,” said Phil Flynn, senior analyst at Price Futures Group.
The US has allowed oil and gas giant Chevron to resume operations in Venezuela. Illustration photo: Boston |
In addition, the latest report from the US Energy Information Administration (EIA) showed that the country's crude oil inventories fell by 3.2 million barrels last week, down to 419 million barrels - double the forecast of a 1.6 million barrel decrease according to a Reuters survey.
“The sharp drawdown in inventories along with the prospect of trade talks between the US and the European Union (EU) are supporting oil prices,” said Janiv Shah, an analyst at Rystad Energy.
The US and EU are also close to a new trade deal that could include a 15% US base tariff on EU imports, along with the possibility of tariff exemptions for some goods, according to European negotiators. The deal is expected to pave the way for the next major trade deal, after the US reached an agreement with Japan.
Domestic gasoline prices
Domestic retail prices of gasoline on July 25, specifically as follows:
-E5RON92 gasoline: No higher than 19,279 VND/liter - RON95-III gasoline: No higher than 19,709 VND/liter - Diesel 0.05S: Not higher than 19,129 VND/liter - Kerosene: Not higher than 18,628 VND/liter - Mazut oil 180CST 3.5S: Not higher than 15,379 VND/kg |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Industry and Trade - Ministry of Finance from 3:00 p.m. on July 24. Accordingly, the price of E5RON92 gasoline decreased by VND202/liter; RON95-III gasoline decreased by VND216/liter; diesel increased by VND330/liter; kerosene increased by VND199/liter; and fuel oil decreased by VND99/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: Updated information on the US's new import tax policy on goods from trading partners; EU announces new sanctions package on Russian oil; military conflict between Russia and Ukraine continues... The above factors have caused world oil prices to fluctuate up and down depending on each item in recent days.
Since the beginning of 2025, domestic gasoline prices have undergone 29 adjustment sessions, including 12 decreases, 12 increases and 5 opposite sessions.
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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-25-7-xang-dau-trong-nuoc-tang-giam-trai-chieu-383606.html
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