Petrol prices today (June 3): The week of decline after a series of rising weeks

World oil price

According to Reuters, ending the last trading session of the week, oil prices rose more than 2% after the US Congress approved a debt ceiling agreement to help prevent government default in the world's largest oil consuming country. The rally in oil prices was also influenced by US jobs data, boosting hopes for a possible pause in interest rate hikes by the US Federal Reserve (Fed).

The strong increase in the last trading session of the week was not enough to pull gasoline prices this week to continue climbing. Illustration: Reuters

Brent oil price for August delivery increased by 8 USD, or 1,85%, to 2,5 USD/barrel. The price of US WTI oil increased by 76,13 USD, or 1,64%, to 2,3 USD/barrel. This is the highest closing level of WTI oil since May 71,74 and Brent oil since May 26.

For the whole week, however, both benchmarks fell about 1%. This is the first weekly decline after two consecutive bullish weeks.

The US Senate has passed a public debt ceiling bill, after this bill was passed by the House of Representatives. The bicameral passage of this bill would help prevent a default that could shake world financial markets.

Reuters The Fed will probably skip a June rate hike for the first time in more than a year, following strong US jobs data. In May, nonfarm payrolls rose 6. March and April payrolls were adjusted up by 5.

All eyes are now on the June 4-6 meeting of OPEC+. In April, the group unexpectedly announced an additional production cut of 4 million bpd. This cut has caused oil prices to continuously trade at prices below the previous cut by OPEC+.

Three OPEC+ sources for Reuters know that there is debate about additional oil production cuts among the possible options..

“Nobody wants to be short on crude when it comes to the OPEC+ meeting at the end of the week,” said Edward Moya, senior market analyst at data and analytics firm OANDA. Traders should never underestimate what Saudi Arabia will do and take advantage of in the OPEC+ meetings.”

Saudi Arabia is the largest producer in OPEC. The country's Energy Minister has warned short sellers who bet oil prices to drop to "watch out" for damage.

Petrol prices experienced the first decrease after two consecutive weeks of increases. Illustration: Reuters

In another development, in the US, energy companies this week cut the number of active oil rigs by the most since September 9. Specifically, the oil and gas rig count, an early indicator of future output, fell by 2021 to 15 in the week to June 696, the lowest level since April 2. The total number of rigs has fallen for the fifth consecutive week.

U.S. drillers have cut drilling activity for months as U.S. crude prices drop 11% and natural gas prices down 51% since the start of the year.

Domestic petrol price

Retail prices of petrol and oil in the country on July 3 are as follows:

The above-mentioned domestic gasoline prices were adjusted by the Ministry of Finance - Industry and Trade in the price management period on June 1, with the highest increase of gasoline price of 6 VND/liter and the highest decrease of 516 VND/liter (kg).

According to the inter-Ministry, the world petroleum market is influenced by many factors that cause gasoline prices to increase and decrease. At this operating period, the inter-ministerial decision to keep the level of setting aside the price stabilization fund for all petroleum products as in the previous period and continue not to spend the price stabilization fund for all petroleum products.

Since the beginning of the year, gasoline prices have undergone 15 adjustments, of which 9 times increased, 5 times decreased, and 1 times remained unchanged.

MAI HUONG