Gasoline price today 12/7: World continues to decrease

World oil prices

At 6:45 a.m. this morning, December 7, Brent oil price was at 71.12 USD/barrel, down 0.97 USD/barrel. Meanwhile, WTI oil price was at 67.2 USD/barrel, down 1.1 USD/barrel.

Oil prices fell sharply as analysts continued to forecast a supply glut in 2025, despite the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to postpone plans to increase supply until April 2025 and extend production cuts until the end of 2026, Reuters reported.

Oil prices have fallen for three consecutive days, indicating a potential impact if OPEC+ decides to increase production again, said Ole Hansen, head of commodity strategy at Saxo Bank.

World oil prices continued to decline this morning.

OPEC+ accounts for about 50% of global oil production. The organization had planned to start lifting production cuts from October, but due to falling global oil demand, especially from China - the largest crude oil importer, along with increased production from countries outside OPEC+, OPEC+ has forced this plan to be postponed many times.

HSBC forecasts a surplus of 0.3 million barrels per day in the oil market, down from 0.6 million barrels per day previously. JPMorgan forecasts the surplus will continue to grow, pushing Brent prices to an average of $67 per barrel by 2025, while it expects oil demand to recover by another 1 million barrels per day next year.

Domestic gasoline prices

In the operating period on December 5, the price of E5 RON92 gasoline increased by 24 VND/liter, not higher than 19,864 VND/liter. The price of RON95 gasoline decreased by 294 VND/liter, not higher than 20,563 VND/liter.

Meanwhile, diesel price decreased by 395 VND/liter, not higher than 18,382 VND/liter. Kerosene price decreased by 325 VND/liter, not higher than 18,817 VND/liter. Fuel oil price remained at 16,125 VND/kg as in the previous period.

In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for all products.

Hao Nhien

Source: https://vtcnews.vn/gasoline-price-today-7-12-the-gioi-tiep-tuc-giam-ar911981.html