Specifically, Brent oil price increased by 1.11% to 82.52 USD/barrel. US WTI oil price increased by 1.09 USD, equivalent to 1.43%, to 77.58 USD/barrel.
A decline in US refining activity and global trade disruptions that tightened diesel supplies pushed oil prices up, according to Reuters.
US diesel prices have risen rapidly to a four-month high, limiting arbitrage trading in fuel shipments to Europe.
Meanwhile, tensions continue to escalate in the Middle East despite efforts by all sides to reach a ceasefire agreement in the Gaza Strip.
Shipping routes in the Red Sea remain threatened by Houthi attacks. Last week, a US tanker narrowly escaped Houthi attacks, while another tanker leaked fuel.
Phil Flynn, an analyst at financial firm Price Futures Group, said the market's focus has shifted to supply as demand remains high.
US refineries are expected to begin resuming production in March after completing overhauls. US refinery utilization has been at 80.6% of national capacity over the past two weeks, according to the Energy Information Administration.
Domestically, the retail price of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of February 29. According to analysts, in the next adjustment, oil prices will continue to decrease due to the decrease in world oil prices last week.
The retail prices of domestic gasoline on February 27 are as follows: E5 RON 92 gasoline is not more than VND 22,475/liter; RON 95-III gasoline is not more than VND 23,599/liter; diesel oil is not more than VND 20,910/liter; kerosene is not more than VND 20,921/liter; mazut oil is not more than VND 15,929/kg.
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