Oil prices today, December 28, ended the last trading session of the week, oil prices increased by more than 1%, recording a weekly increase with low trading volume. This increase in oil prices was supported by a larger-than-expected decrease in US crude oil inventories.
 |
| Oil prices today, December 28, ending the last trading session of the week, oil prices increased by more than 1%, recording a weekly increase with low trading volume. (Source: Reuters) |
Brent crude rose 91 cents, or 1.2%, to $74.17 a barrel. WTI crude rose 98 cents, or 1.4%, to $70.60 a barrel.
For the week, Brent and WTI oil prices both increased by about 1.4%.
Reuters reported that US crude inventories fell by 4.2 million barrels in the week ended December 20 as refineries ramped up operations and the holiday season boosted fuel demand. The decline was more than twice the 1.9 million barrel drop expected by analysts and higher than the 3.2 million barrel drop estimated by the American Petroleum Institute.
Optimism about China's economic growth has also raised hopes of higher demand next year from the world's top oil importer.
The World Bank (WB) on December 26 raised its forecast for China's economic growth in 2024 and 2025. According to the WB, China's gross domestic product growth this year will be 4.9%, up 0.1% from the forecast in June. The WB also forecasts China's growth next year to be 4.5%, up 0.4% from the previous forecast.
Also supporting oil prices this week was news that the Chinese government has agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year to revive the sluggish economy.
Meanwhile, the Russia-Ukraine conflict, which has been front and center in energy markets due to sluggish global oil demand, appears to be back at the forefront after several events this week that could impact supply next year, according to the trading room of fuel distributor TACenergy.
NATO said on December 27 it would boost its presence in the Baltic Sea, a day after Finland seized a Russian tanker on suspicion of causing power and internet outages. Meanwhile, wholesale natural gas prices in the Netherlands and Britain rose amid fading hopes of a new deal to transport Russian gas through Ukraine.
Tensions also flared in the Middle East after Israel raided a hospital in northern Gaza on December 27 and attacked targets linked to Houthi forces in Yemen on December 27.
However, StoneX analyst Alex Hodes said these events are unlikely to have much impact on oil prices next year. Instead, he said the biggest risk in the Middle East is the possibility of sanctions on Iran when US President-elect Donald Trump officially takes office.
Domestic retail prices of gasoline on December 28 are as follows:
E5 RON 92 gasoline is not more than 19,817 VND/liter. RON 95-III gasoline is not more than 20,547 VND/liter. Diesel oil not more than 18,630 VND/liter. Kerosene not more than 18,708 VND/liter. Fuel oil not exceeding 15,970 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of December 26. Due to the decrease in world gasoline and oil prices last week, domestic gasoline and oil prices also decreased. Specifically, the price of E5 RON 92 gasoline decreased by 427 VND/liter, RON 95-III gasoline decreased by 457 VND/liter, diesel oil decreased by 103 VND/liter, kerosene decreased by 260 VND/liter. Only mazut oil increased by 67 VND/kg.
In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-2812-leo-doc-298905.html
Comment (0)