Oil prices today: Brent oil hits 5-month high

On April 2, oil prices continued to increase, with Brent crude for June delivery rising about 42 cents, or 0.5%, to $87.42 a barrel; while US WTI crude rose 54 cents, or 0.7%, to $83.71 a barrel.

According to Reuters, although manufacturing activity in the US increased in March for the first time in a year and a half, factory employment still fell due to increased layoffs and rising input prices. Notably, data showed that the cost of services and energy in the US slowed in February. This led analysts to predict that the Federal Reserve (Fed) may consider cutting interest rates in June, helping to boost economic growth and increase oil demand.

World crude oil prices are heading towards the 88 USD/barrel mark.

REUTERS

Meanwhile, in China, the world's largest crude importer, an official factory survey showed that production increased for the first time in six months in March. Bob Yawger, director of energy futures at Mizuho, commented that strong gasoline demand in the summer and a recovery in Chinese oil demand could be a "unique boost" to support oil prices to surge to $100 a barrel. Meanwhile, the European market was assessed as "more stable than expected oil demand", increasing by 100,000 barrels a day.

Demand picked up across the board, while on the supply side, Saudi Arabia - the world's top oil exporter - plans to raise its official selling price in May for Arab Light crude after a sharp increase in Middle Eastern benchmark prices last month.

Domestically, the price of finished petroleum products referenced to the Singapore market also increased slightly. On April 2, the retail price of petroleum products according to the price list announced by Petrolimex in region 2 (46 provinces and cities currently applying) was as follows: RON 95-V gasoline 25,720 VND/liter, RON 95-III gasoline 25,300 VND/liter, E5 RON92 gasoline 24,090 VND/liter, diesel 21,100 - 21,740 VND/liter, kerosene 21,280 VND/liter...

According to thanhnien.vn

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-242024-dau-brent-cham-moc-cao-nhat-trong-5-thang-185240402085248316.htm

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