World oil prices
On August 4, world oil prices continued to fall, reaching their lowest level in a week, after OPEC+ agreed to sharply increase production in September, raising concerns about oversupply.
According to Reuters, at the end of the first trading session of the week, Brent oil price decreased by 0.91 USD/barrel, equivalent to 1.3%, to 68.76 USD/barrel; WTI oil price decreased by 1.04 USD/barrel, equivalent to 1.5%, to 66.29 USD/barrel.
World oil prices continued to decrease in the trading session on August 4. Illustration photo: Business Day
At a meeting held on August 3, OPEC+ agreed to increase oil production by 547,000 barrels per day in September compared to the required output level in August, continuing a series of increasing production adjustments to regain market share, amid concerns about the risk of supply disruptions related to Russia.
OPEC+ said the decision was based on a positive economic outlook and low global oil inventories. The eight key member countries unanimously approved the plan and will meet again on September 7 to assess the actual impact and consider further adjustments to production policy.
In addition, newly released data from the US government shows that gasoline demand in the country in May - the start of the summer travel season - was at its lowest level since the Covid-19 pandemic. In addition, oil production in the US in May also hit a record high, raising concerns about global oversupply.
Illustration photo: Reuters
Investors continue to closely monitor developments related to US trade policy, while also worrying about the risk of the US imposing additional sanctions on Russian oil.
US President Donald Trump has warned that he will impose a 100% secondary tax on countries that buy oil from Russia, in order to pressure Moscow to end the conflict with Ukraine.
According to Reuters, President Trump has just announced that he will sharply increase taxes on India, after a source from the Indian government said that the country continues to buy oil from Russia, despite warnings from Washington.
“The market is now focused on President Donald Trump’s decision on Friday, whether he will impose tariffs or secondary sanctions on countries that buy oil from Russia,” said Giovanni Staunovo, an analyst at UBS.
Domestic gasoline prices
Domestic retail prices of gasoline on August 5 are as follows:
- E5RON92 gasoline: No higher than 19,401 VND/liter |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Industry and Trade and the Ministry of Finance from July 31. Accordingly, the price of E5RON92 gasoline increased by 122 VND/liter; RON95-III gasoline increased by 131 VND/liter; diesel decreased by 61 VND/liter, kerosene increased by 86 VND/liter, and fuel oil increased by 154 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 main factors such as: Information about the framework trade agreement between the US and the EU; increased US crude oil inventories; ongoing Russia-Ukraine military conflict... The above factors have caused world oil prices to fluctuate up and down depending on each product in recent days.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-5-8-tiep-da-giam-5055141.html
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