World oil prices
Oil prices rose nearly 1% in the trading session on June 25, somewhat regaining momentum after plunging earlier this week, thanks to recently released US data showing high oil demand in the country and investors expecting the ceasefire between Israel and Iran to remain stable.
According to Reuters, at the end of the trading session on June 25, Brent oil price increased by 0.54 USD/barrel, equivalent to 0.8%, to 67.68 USD/barrel; WTI oil price increased by 0.55 USD/barrel, equivalent to 0.9%, to 64.92 USD/barrel.
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| Oil prices rose nearly 1% in the trading session on June 25. Illustration photo: News 18 |
After US President Donald Trump announced on June 23 (local time) that Israel and Iran had reached a formal agreement on implementing a complete ceasefire, Brent oil prices fell to their lowest level since June 10, while WTI oil prices also hit their lowest since June 5, as concerns about the risk of supply disruption from the Middle East cooled down.
Oil prices have risen sharply since June 13, after Israel launched a surprise attack on Iran’s key military and nuclear facilities. Oil prices also hit a five-month high after the US airstrikes on Iran’s nuclear facilities last weekend.
“Although concerns about Middle Eastern supplies have temporarily eased, they have not completely disappeared. Demand for existing supplies remains high,” ING analysts said.
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| Illustration: The Hindu Business |
According to Reuters, the oil market was also supported by a report from the US government released on Wednesday, showing that crude oil, gasoline and distillate inventories in the country all fell last week.
Crude inventories fell by 5.8 million barrels, much higher than the 797,000-barrel decline forecast in a Reuters poll. Gasoline inventories unexpectedly fell by 2.1 million barrels, while analysts had expected an increase of 381,000 barrels. The reason is that the amount of gasoline distributed to the market - reflecting consumer demand - increased to the highest level since December 2021.
“We’re seeing big draws across the board across all fuels. This report could shift the focus away from geopolitical tensions and more toward the U.S. supply and demand situation,” said Phil Flynn, senior analyst at Price Futures Group.
Oil prices are likely to remain in the $65-70/barrel range as traders await more US economic data this week and the Federal Reserve's interest rate decision, according to independent market analyst Tina Teng.
Markets are now betting that the Fed could start cutting interest rates as early as September, which would typically stimulate economic growth and oil demand.
Domestic gasoline prices
Domestic retail prices of gasoline on June 26, specifically as follows:
| E5 RON 92 gasoline: No higher than VND 20,631/liter. RON 95-III gasoline: No higher than VND 21,244/liter. Diesel 0.05S: Not higher than 19,156 VND/liter. Kerosene: Not higher than 18,923 VND/liter. Mazut oil 180CST 3.5S: Not higher than 17,643 VND/kg. |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of June 26. In the most recent adjustment, domestic gasoline and oil prices increased simultaneously. The price of E5 RON 92 gasoline increased by VND 1,169/liter, the price of RON 95-III gasoline increased by VND 1,277/liter, the price of diesel increased by VND 1,456/liter, the price of kerosene increased by VND 1,412/liter and the price of fuel oil increased by VND 1,182/kg.
In the last management period, the Ministry of Finance - Ministry of Industry and Trade did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
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Source: https://baodaknong.vn/gia-xang-dau-hom-nay-26-6-bat-ngo-dao-chieu-tang-256693.html
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