Specifically, Brent crude oil price increased by 2.42 USD, equivalent to 3%, to 81.69 USD/barrel. US WTI crude oil price increased by 2.36 USD, equivalent to 3.2%, to 76.22 USD/barrel.
According to Reuters, on February 8, Israel bombed the southern border city of Rafah after Israeli Prime Minister Benjamin Netanyahu rejected a proposal to end the conflict in Palestinian lands.
Attacks on shipping operations by Iran-backed Houthi forces continue to disrupt global oil trading, said John Kilduff, partner at Again Capital LLC.
In the US, a larger-than-expected drop in gasoline and distillate inventories last week also boosted the oil market. The drop in fuel stocks was coupled with a rise in crude inventories as US refineries entered maintenance.
In Russia, damage to refineries from Ukrainian drone attacks and technical problems led to higher-than-expected crude exports in February, undermining the OPEC+ deal’s commitment to cut supply.
Meanwhile, Norway’s Johan Sverdrup oil field, the largest in the North Sea, will maintain steady production at more than 755,000 barrels per day through the end of the year. The field’s initial planned capacity is 660,000 barrels per day.
Domestically, yesterday afternoon, the retail price of gasoline and oil was adjusted down by the Ministry of Finance - Ministry of Industry and Trade in the price management period. Accordingly, the price of RON 9-III gasoline decreased by the most 900 VND/liter and the price of diesel oil decreased by the least 290 VND/liter.
In this management period, the joint ministries criticized the establishment of a stabilization fund for fuel oil at 300 VND/kg; did not spend the stabilization fund for all remaining fuels; continued not to deduct or spend from the Petroleum Price Stabilization Fund.
The retail price of gasoline in the country on February 9 is as follows: E5 RON 92 gasoline is not more than VND 22,120/liter; RON 95-III gasoline is not more than VND 23,260/liter; diesel oil is not more than VND 20,700/liter; kerosene is not more than VND 20,580/liter; fuel oil is not more than VND 15,590/kg.
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