World price increased by more than 1 USD; domestic price is forecast to decrease slightly

Oil prices today December 12, at the end of the trading session on December 11, oil prices increased by more than 1 USD after the European Union agreed to impose additional sanctions, threatening the flow of Russian oil, tightening the world's crude oil supply. Domestically, oil prices are forecast to decrease slightly.

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Brent crude oil prices increased by 1.33 USD, equivalent to 1.84%, to 73.52 USD/barrel. WTI crude oil prices increased by 1.7 USD, equivalent to 2.48%, to 70.29 USD/barrel.

Reuters reported that on December 11, European Union (EU) ambassadors agreed on the 15th package of sanctions against Russia for the special military campaign that the country is conducting in Ukraine.

The sanctions package is likely to be formally adopted at a meeting of EU foreign ministers next Monday and will target nearly 30 organisations, more than 50 individuals and 45 oil tankers.

Tightening flows from Russia is likely to support and offset traditional demand figures, said John Kilduff, a partner at Again Capital in New York.

Supporting oil prices during the session was data that US crude inventories fell by 1.4 million barrels in the week ending December 6. However, a sharp increase in US gasoline and distillate inventories put pressure on oil prices. According to the US Energy Information Administration, US gasoline inventories rose by 5.1 million barrels and distillate inventories increased by 3.2 million barrels.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has cut its forecast for demand growth in 2024 and 2025 for the fifth consecutive month, by the largest cut ever.

In its monthly report, OPEC said it expects global oil demand to grow by 1.61 million barrels a day in 2024, down from last month's forecast of 1.82 million barrels a day. OPEC also cut its 2025 growth estimate to 1.45 million barrels a day from 1.54 million barrels a day.

In July, OPEC expected world demand to increase by 2.25 million barrels per day in 2024.

Investors are now expecting Chinese demand to pick up following Beijing's latest plans to boost economic growth.

Earlier this week, China said it would adopt a more appropriate monetary easing policy by 2025, marking the first easing in 14 years.

Kenny Zhu, research analyst at Global X, believes China's monetary and fiscal stimulus measures will be key data points to watch next year.

China's crude oil imports in November increased by more than 14% year-on-year.

Domestic retail prices of gasoline on December 12 are as follows:

E5 RON 92 gasoline is not more than 19,864 VND/liter.

RON 95-III gasoline is not more than VND 20,563/liter.

Diesel oil not more than 18,382 VND/liter.

Kerosene not more than 18,817 VND/liter.

Fuel oil not exceeding 16,125 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session this afternoon. As the world oil price continued to decrease last week, the domestic oil price will continue to decrease. Gasoline price is forecast to decrease slightly by 50-100 VND/liter, oil price will decrease by 150-500 VND/liter (kg).

In the most recent adjustment, the price of RON 95-III gasoline decreased by 294 VND/liter, E5 RON 92 gasoline increased by 24 VND/liter, diesel oil decreased by 395 VND/liter, kerosene decreased by 325 VND/liter, and mazut oil "stayed still".

Source: https://baoquocte.vn/gasoline-price-to-date-1212-the-gioi-increases-by-1-usd-in-nuoc-duoc-du-bao-giam-nhe-297094.html