World oil prices continued to rise more than 1% today, as investors closely watched US President Donald Trump's tough stance on Russia, along with warnings about new tariffs that could be applied to countries that buy Russian oil.
World oil prices
According to Oilprice, Brent oil price increased by 0.96 USD/barrel (equivalent to 1.32%), to 73.47 USD/barrel; WTI oil price increased by 1.11 USD/barrel (equivalent to 1.60%), to 70.32 USD/barrel.
World oil prices continued to increase by more than 1% in the trading session on July 30. Illustration photo: Anadolu Ajaisu
Market attention was focused on US President Donald Trump’s latest statement on Tuesday, which said the US would impose tough measures – including 100% secondary tariffs – on Russia’s trading partners if Moscow fails to make any progress in ending the conflict with Ukraine within 10-12 days, significantly shortening the previous 50-day deadline.
In addition, Mr. Trump also said that the US will impose a 25% tariff on goods imported from India starting August 1; at the same time, he warned of unannounced penalties for countries buying weapons and oil from Russia. China - the largest buyer of Russian oil - was also warned that it could face "huge" tariffs if it continues to trade with Moscow.
While China is unlikely to comply with US sanctions, India has signaled its willingness to cooperate, a development that could significantly impact Russia’s roughly 2.3 million barrels per day of oil exports, according to analysts at JP Morgan.
“The market seems to be reacting positively to the possibility of Indian compliance, seeing it as a supportive factor for oil prices,” said Dennis Kissler, senior vice president of trading at BOK Financial.
Illustration: Oilprice
Meanwhile, the US Energy Information Administration (EIA) said domestic crude oil inventories rose by 7.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel decline. Gasoline stocks fell by 2.7 million barrels, far exceeding the forecast for a 600,000-barrel decline, while distillate inventories, which include diesel and heating oil, rose by 3.6 million barrels, far exceeding the forecast for a 300,000-barrel increase.
Meanwhile, US economic growth rebounded more strongly than expected in the second quarter, but much of the improvement came from falling imports, while domestic demand grew at its slowest pace in two and a half years.
In a related development, the US Federal Reserve (Fed) decided to keep interest rates unchanged in a divided meeting, while giving no clear signal on when it might start easing policy. Fed Chairman Jerome Powell said it was too early to determine whether interest rates would be cut in September, a time when investors have high expectations.
Domestic gasoline prices
Domestic retail prices of gasoline on July 31 are 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 202 VND/liter; RON95-III gasoline decreased by 216 VND/liter; diesel increased by 330 VND/liter, kerosene increased by 199 VND/liter, and fuel oil decreased by 99 VND/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 major factors such as: Updated information on the US's new import tax policy on goods from trading partners; EU announces new sanctions package on Russian oil; Russia-Ukraine military conflict continues... The above factors have caused world oil prices to fluctuate up and down depending on each item in recent days.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-31-7-tiep-da-tang-5054681.html
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