Oil price plunges more than 2%, slides below $80/barrel

Oil prices plunge more than 2%. Illustration photo: Oil and Gas Group

Specifically, Brent oil price decreased by 1.85 USD, equivalent to 2.5%, to 78.81 USD/barrel, while US WTI oil price decreased by 2.03 USD, equivalent to 2.7%, to 73.82 USD/barrel.

Brent oil price is trading at 78.81 USD/barrel. Photo: screenshot

Oil prices fell sharply today after the market speculated that Israel had agreed to a ceasefire proposal in Gaza. However, a Qatari official told Reuters that Hamas had received the ceasefire proposal positively but had not yet responded.

Tensions in the Middle East have recently pushed oil prices higher. Houthi attacks on ships in the Red Sea continue, raising costs and disrupting global oil trade. The Houthis say they will continue to attack US and British warships in self-defense.

Meanwhile, British oil and gas group BP Plc said on February 1 that it was in the process of closing its Whiting refinery in Indiana with a capacity of 435,000 barrels per day after a power outage.

Limiting the decline in oil prices was information from the US Federal Reserve Chairman Jerome Powell that interest rates have peaked and will decline in the coming months as inflation continues to decline, economic growth and employment stabilize. Lower interest rates and economic growth boost oil demand.

OPEC oil output in January recorded its biggest monthly decline since July 2023 due to new voluntary cuts by some members and reduced output in Libya, according to a recent Reuters survey.

The survey results showed that OPEC pumped 26.33 million barrels per day in January, down 410,000 barrels per day compared to December 2023.

Domestically, yesterday afternoon, the Ministry of Finance - Ministry of Industry and Trade adjusted gasoline prices according to the cycle. Accordingly, the price of RON 95-III oil increased the most, by 753 VND/liter. The price of kerosene increased the least, by 379 VND/liter.

In this operating period, the joint ministries set aside a price stabilization fund for fuel oil at VND300/kg, and did not set aside or spend the price stabilization fund for the remaining types of gasoline. This is the fourth consecutive price increase of gasoline since the beginning of the year.

The retail price of domestic gasoline on February 2 is as follows: E5 RON 92 gasoline is not more than VND 22,913/liter; RON 95-III gasoline is not more than VND 24,160/liter; diesel oil is not more than VND 20,999/liter; kerosene is not more than VND 20,923/liter; mazut oil is not more than VND 16,087/kg.

Source: https://laodong.vn/kinh-doanh/lao-doc-hon-2-gia-dau-truot-moc-80-usdthung-1300015.ldo