Gasoline prices today (July 6): Second consecutive week of increase

Last week, world oil prices witnessed mixed increases and decreases. Domestically, gasoline prices were adjusted to a sharp decrease.

World oil prices

Last week, the world oil market ended the trading week with mixed trends, as the market reacted to the news that OPEC+ would increase oil production in August, Iran announced the suspension of cooperation with the International Atomic Energy Agency (IAEA), and the trade agreement between Vietnam and the US.

Oil prices had previously surged above $80 a barrel last week as the Israel-Iran conflict escalated following Israel’s attack on Iranian nuclear facilities on June 13. However, the ceasefire between Israel and Iran announced by US President Donald Trump quickly sent oil prices plummeting.

Last week, world oil prices witnessed mixed increases and decreases. Illustration photo: The Hindu Business

At the beginning of the first trading session of the week, world oil prices decreased slightly in the context of easing tensions in the Middle East. At the end of the first trading session of the week, Brent oil prices decreased by 0.16 USD/barrel, equivalent to 0.24%, to 67.61 USD/barrel; WTI oil prices decreased by 0.55 USD/barrel, equivalent to 0.84%, to 64.97 USD/barrel.

Oil prices edged up on Monday as investors assessed positive signs on energy demand and cautiously watched the OPEC+ meeting to decide on output policy for August.

At the end of the trading session, Brent crude oil price increased by 0.37 USD, equivalent to 0.6%, to 67.11 USD/barrel. Meanwhile, WTI crude oil price increased by 0.34 USD, equivalent to 0.5%, to 65.45 USD/barrel.

The rise in oil prices was largely due to positive data from a survey of private businesses in China, showing that the country's industrial production returned to growth in June, said Randall Rothenberg, a risk analyst at US oil brokerage Liquidity Energy.

In the third trading session of the week, world oil prices continued to increase by more than 3% amid rising geopolitical tensions after Iran announced the suspension of cooperation with the International Atomic Energy Agency (IAEA). In addition, information about a trade agreement between Vietnam and the US also contributed to the increase in oil prices.

At the end of the trading session, Brent oil price increased by 2 USD, equivalent to 3%, to 69.11 USD/barrel; WTI oil price increased by 2 USD, equivalent to 3.1%, to 67.45 USD/barrel.

On July 5, OPEC+ announced its decision to continue increasing oil production in August by 548,000 barrels/day. Illustration photo: Bizz Buzz

In the trading session on July 4, world oil prices reversed and decreased slightly, as investors worried that new US tariffs could slow fuel demand, in the context that major oil producers in the world are expected to increase supply.

At the close of trading before the US Independence Day holiday, Brent crude oil prices fell 0.31 USD, equivalent to 0.45%, to 68.8 USD/barrel. WTI crude oil prices fell 0.45 USD, equivalent to 0.67%, to 67 USD/barrel.

Adding to the pressure on oil prices was a forecast by OPEC+ to increase production by 411,000 barrels per day at its meeting this weekend. In addition, a private sector survey showed that service activity in China, the world’s largest oil importer, grew at its slowest pace in nine months, as fuel demand weakened and new export orders fell.

In the last trading session of the week, world oil prices fell slightly as investors awaited the results of the OPEC+ meeting at the end of the week, with the expectation that OPEC+ would decide to increase production in August.

At the close of trading, Brent crude fell 50 cents, or 0.7%, to $68.30 a barrel. WTI crude fell 50 cents, or 0.75%, to $66.50 a barrel.

For the whole week, Brent oil prices increased by about 0.8%, WTI oil prices increased by 1.5% compared to the end of last week, marking the second consecutive week of increase in the context of investors expecting demand recovery and closely monitoring OPEC+'s production policy.

“The increase in oil production, if approved as expected, will mark the fourth consecutive month of OPEC+ production increases. This could tip the global oil supply-demand balance in the second half of the year towards oversupply, leading to a faster-than-expected build in global oil inventories,” said Tamas Varga, senior analyst at consultancy PVM.

Also this week, Barclays raised its Brent price forecast by $6 to an average of $72 a barrel in 2025 and by $10 to an average of $70 a barrel in 2026, based on an improved outlook for oil demand.

Thus, oil prices this week recorded 2 sessions of increase and 3 sessions of decrease. This shows that investors are no longer betting on oil prices staying high due to geopolitical tensions, but are instead closely monitoring the prospects of production and actual oil demand.

In another development, on July 5, OPEC+ announced its decision to continue increasing oil production in August. In a statement after a meeting in Vienna (Austria), Saudi Arabia, Russia and six other key members of OPEC+ agreed to increase production by 548,000 barrels per day. Previously, analysts predicted that the organization would increase by 411,000 barrels per day. This decision is expected to shape the trend of world oil prices in the coming weeks.

Domestic gasoline prices

Domestic retail prices of gasoline on July 6, specifically as follows:

-E5RON92 gasoline: No higher than 19,445 VND/liter.

- RON95-III gasoline: No higher than VND 19,906/liter.

- Diesel 0.05S: Not higher than 18,408 VND/liter.

- Kerosene: Not higher than 18,132 VND/liter.

- Mazut oil 180CST 3.5S: Not higher than 15,807 VND/kg.

The Ministry of Industry and Trade and the Ministry of Finance have just decided on retail gasoline prices from 3:00 p.m. on July 3. Accordingly, the price of E5RON92 gasoline decreased by VND1,085/liter, RON95-III gasoline decreased by VND1,210/liter; diesel oil price decreased by VND941/liter; kerosene decreased by VND932/liter; and fuel oil decreased by VND1,148/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: OPEC+ plans to increase oil production in August; Iran announces suspension of cooperation with the International Atomic Energy Agency (IAEA); US crude oil reserves increase... The above factors have caused world oil prices to fluctuate up and down depending on each product in recent days.

HOANG TRUONG

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Source: https://baolamdong.vn/gasoline-price-today-6-7-weeks-increased-thu-hai-lien-tiep-381299.html