World oil prices
Oil prices edged up on Friday after US crude inventories fell as demand picked up during the peak summer driving season, although concerns about supply disruptions from the Middle East eased, capping gains in oil prices.
According to Reuters, at the end of the trading session on June 26, Brent oil price increased by 0.05 USD/barrel, equivalent to 0.07%, to 67.73 USD/barrel; WTI oil price increased by 0.32 USD/barrel, equivalent to 0.49%, to 65.24 USD/barrel.
Both benchmarks recovered from losses earlier in the week after data showed strong U.S. gasoline demand. But Brent is still down from its June 12 close of $69.36 a barrel, a day before Israel launched airstrikes on Iran.
Oil prices increased slightly in the trading session on June 26. Illustration photo: Business Day |
The US driving season is currently driving fuel demand as people take part in more summer travel , ANZ experts said.
“The market is starting to realize that crude inventories are running at an unexpectedly low level,” said Phil Flynn, senior analyst at Price Futures Group.
Reuters cited data from the US Energy Information Administration (EIA) as saying that in the week ending June 20, crude oil and fuel inventories in the US fell as refining activity and fuel demand both increased. Specifically, crude oil inventories fell by 5.8 million barrels, far exceeding expectations for a decrease of 797,000 barrels in a Reuters survey.
Another factor supporting oil prices was the US dollar index (DXY) - a measure of the greenback's strength against a basket of other major currencies - which fell to a three-year low after news that US President Donald Trump was considering choosing a new chairman for the US Federal Reserve (Fed) earlier than expected, raising expectations of an interest rate cut.
A weak US dollar makes oil cheaper for holders of other currencies, boosting demand for crude.
Illustration: Oilprice |
However, signs that supply risks from the Middle East are easing are still keeping a lid on oil prices.
Just before the oil market closed on June 26, Israeli Prime Minister Benjamin Netanyahu said the outcome of the war with Iran opens up an opportunity for peace that Israel should not miss.
US President Donald Trump hailed the quick end to hostilities between Iran and Israel and said Washington would likely demand Tehran commit to ending its nuclear ambitions in talks with Iranian officials next week.
Mr. Trump also affirmed that the US will continue to maintain maximum pressure on Iran, including measures to restrict oil exports, but at the same time left open the possibility of easing sanctions enforcement to help the country rebuild.
“The rapid push for a ceasefire shows that President Trump remains sensitive to high oil prices, which in our view could limit the impact of geopolitical risks, even if the conflict persists,” Citi said in a report just published.
Domestic gasoline prices
Domestic retail prices of gasoline on June 27, specifically as follows:
E5RON92 gasoline: Not higher than VND 20,911/liter. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Industry and Trade and the Ministry of Finance in the price management session on the afternoon of June 26. In this adjustment, the price of E5RON92 gasoline increased by VND280/liter, RON95-III gasoline increased by VND263/liter; diesel oil price increased by VND551/liter; kerosene increased by VND494/liter; and fuel oil in this period decreased by VND374/liter.
In this management period, in response to the developments in world oil prices, fluctuations in the VND/USD exchange rate and current regulations, the Ministry of Industry and Trade - Ministry of Finance decided on a plan to manage oil prices to ensure that domestic oil price fluctuations are consistent with world oil price fluctuations; continue to maintain the price difference between E5RON92 biofuel and RON95 mineral gasoline at a reasonable level to encourage the use of biofuels according to the Government's policy; ensure the harmony of interests among market participants.
DUC AN
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Source: https://baodaknong.vn/gia-xang-dau-hom-nay-27-6-tiep-tuc-tang-256850.html
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