World oil prices turn down under pressure from supply and trade policy
Early morning of July 9, Vietnam time, Brent oil price was trading at 69.85 USD/barrel, down slightly after increasing nearly 2% in the previous session. WTI oil also adjusted to 68.01 USD/barrel. This adjustment took place after OPEC+ announced that it would increase production by 548,000 barrels/day in August, much higher than the 411,000 barrels/day of the previous three months.
Meanwhile, US President Donald Trump’s announcement of a tariff increase on trading partners from August 1 has raised concerns that global oil demand could weaken. Japan and South Korea have voiced their opposition and sought to negotiate to minimize the impact of the new tax policy.
While the OPEC+ decision has put pressure on oil prices, the market is still supported by a shortage of intermediate products and geopolitical risks in the Red Sea, said Rystad Energy analyst Janiv Shah. Drone attacks on cargo ships continue to drive up energy transportation costs.
Brent oil price approaches $70 mark – Market expects peak consumption season in the US
In the morning session of July 9, Brent oil continued to recover slightly, increasing to 70.15 USD/barrel, while WTI oil reached 68.33 USD/barrel. According to experts, this is an important "psychological resistance level", promoting a technical short-selling wave after the price surpassed the 70 USD mark.
In addition, a new report from the US Energy Information Administration (EIA) shows that domestic crude oil production this year is expected to be lower due to long-term low oil prices causing producers to limit expansion.
However, HSBC warned that as we head into the fall – when fuel demand typically declines – increased OPEC+ supply could drag oil prices down further. Commerzbank even predicted that Brent could fall to $65 a barrel in the fall if oversupply becomes apparent.
Domestic gasoline prices remain low, but may increase from July 10
From 3:00 p.m. on July 3, the Ministry of Industry and Trade and the Ministry of Finance have adjusted domestic gasoline prices down. Accordingly, RON 95-III gasoline decreased by VND1,210 to VND19,900/liter - the lowest level in 4 years. E5 RON 92 gasoline also decreased by VND1,090 to VND19,440/liter. Diesel oil is currently at VND18,400/liter, kerosene at VND18,130/liter and fuel oil at VND15,800/kg.
Since the beginning of the year, RON 95 gasoline has increased 15 times and decreased 13 times. Diesel has increased 14 times, decreased 13 times and remained unchanged once. Domestic gasoline prices are currently significantly lower than the same period in previous years, contributing to reducing pressure on production costs and supporting the goal of controlling inflation.
However, according to the forecast from the Vietnam Petroleum Institute, in the price adjustment session tomorrow (July 10), gasoline prices may be adjusted up slightly. Specifically, E5 RON 92 gasoline may increase by 119 VND to 19,559 VND/liter; RON 95 gasoline increases by about 24 VND to 19,924 VND/liter. Meanwhile, diesel prices are expected to increase more strongly with an increase of 423 VND/liter; kerosene increases by 218 VND/liter. Mazut oil alone is forecast to decrease by 1.9% to 15,501 VND/kg.
The Joint Ministry also said that it will continue not to set aside or use the Price Stabilization Fund during this management period.
Summary
World oil prices on July 9 were affected by OPEC+'s decision to increase production and concerns about US tax policies. Domestically, after many sessions of deep decline, gasoline prices are approaching a 4-year low, but are likely to be adjusted up slightly in the upcoming management period. The market is facing dual pressure from increasing global supply and macroeconomic instability, causing price trends in the coming time to still have many potential fluctuations.
Source: https://baodanang.vn/gasoline-price-today-9-7-up-from-opec-keo-gasoline-price-to-ha-nhiet-3265289.html
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