World oil prices
At 7:00 a.m. this morning, December 8, Brent oil price was at 71.12 USD/barrel, the same as yesterday's trading price. Meanwhile, WTI oil price was at 67.2 USD/barrel, no change compared to the previous trading session.
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.
Gasoline prices are stable today. (Illustration: Minh Duc)
The group had previously planned to cut production by the end of October 2024, but slowing global oil demand, especially in China - the top oil importer - and rising oil production in other countries forced the OPEC+ group to postpone the plan several times.
Mukesh Sahdev, head of oil analysis at Rystad Energy, said the OPEC+ group is concerned about a potential supply glut and non-compliance by member countries with production targets.
The extension of the production cuts has brought OPEC+ oil production to lower levels than expected and this could support the market in the future, said analysts at energy consultancy FGE.
Meanwhile, a weaker US dollar limited oil’s decline during the session. Expectations that the US Federal Reserve will cut interest rates this month will further temper the strength of the US dollar and support the oil market, according to StoneX energy analyst Alex Hodes.
In the Middle East, Israel said earlier this week that it would continue its war with Hezbollah if the ceasefire between the two sides collapsed, and that it would launch attacks deep into Lebanese territory.
US President-elect Donald Trump's Middle East envoy has traveled to Qatar and Israel to kick off a diplomatic effort aimed at helping secure a ceasefire in Gaza and the release of hostages before Mr Trump takes office on January 20.
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.
Source: https://vtcnews.vn/gia-xang-dau-hom-nay-8-12-on-dinh-ar912180.html
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