Gasoline prices today 5/6, the world tends to go up following the upward momentum from the last 2 sessions of last week.
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| Petrol prices today 5/6, the world tends to go up according to the increasing momentum from the last 2 sessions of last week. (Source: Reuters) |
Last week, world oil prices recorded the first decrease after 2 consecutive weeks of increase. In 5 trading sessions of the week, oil price increased 3 sessions and decreased 2 sessions.
At the first trading session of the week, the prices of the world's two most popular oils inched slightly after the US reached a preliminary agreement on raising the debt ceiling, thereby avoiding the default scenario. However, oil prices only increased 0,2-0,3% amid investors' concerns about the possibility that the US Federal Reserve (Fed) will continue to raise interest rates at its meeting in mid-June, from which can limit energy demand.
In the second trading session of the week, oil prices suddenly dropped by more than 4%. Oil prices tumbled amid investor concerns that the US debt ceiling agreement is still in trouble and the Fed may be about to raise interest rates.
In addition, investors were also cautious ahead of the Organization of Petroleum Exporting Countries and its allies' (OPEC+) policy meeting on June 4, especially after Saudi Arabia and Russia announced the announcement. make conflicting statements about the group's ability to change its supply policy.
By the third session of the week, the price of two benchmark oils continued to decrease by about 3%. In this session, Brent oil price dropped to 2 USD/barrel, while WTI oil price dropped to 2 USD/barrel. China's weak economic data, rising US oil inventories, and a strong dollar pushed gasoline prices down.
However, in the last 2 trading sessions of the week, oil prices reversed to increase by about 5%. Oil prices jumped after the US Congress approved a debt ceiling agreement to help prevent default in the world's largest oil consumer. Besides, the rally in oil prices was also influenced by US jobs data, boosting hopes of the Fed's ability to pause rate hikes.
Thus, despite gaining 3 sessions and falling only 2 sessions, the decline was still stronger, causing oil prices to drop about 1% for the whole week, cutting off the two-week gain streak.
Data from oil price said, Brent oil price closed the week at 76,13 USD/barrel, while WTI oil price ended the week at 71,74 USD/barrel.
Since mid-April until now, the world oil price has dropped by more than 4%. Currently, the prices of both standard oil commodities are far from the $12 mark per barrel. Many analysts believe that oil prices will continue to decline in the context of weak demand.
The retail price of petrol and oil in the country on June 5 is as follows:
E5 RON 92 gasoline is not more than 20.878 VND/liter.
RON 95 gasoline is not more than 22.015 VND/liter.
Diesel oil is not more than 17.943 VND/liter.
Kerosene does not exceed 17.771 VND/liter.
Fuel oil is not more than 14.883 VND/kg.
The above domestic petrol prices have been adjusted by the Ministry of Finance - Industry and Trade in the price management period on June 1.
The world petroleum market this operating period (May 22 - June 5) is influenced by many factors such as: OPEC+'s move to cut production; concerns about the US public debt ceiling; Industrial activity stagnates and higher interest rates increase the risk of economic recession… These factors affect gasoline prices to fluctuate up and down.
Also in this operating period, the inter-Ministry of Industry and Trade - Finance decided to keep the same level of deduction for setting up the Petroleum Price Stabilization Fund for all petroleum products as in the previous period and continue to not spend the fund for all other petroleum products. petroleum products.
