Gasoline prices today January 4, 2025: World oil prices increased slightly and are on track to increase this week due to cold weather in Europe and the United States.
Gasoline price today January 4, 2025
Recorded on Oilprice at 5:00 a.m. on January 4, 2025 (Vietnam time), WTI oil price was at 74.03 USD/barrel, up 1.22% (equivalent to an increase of 0.89 USD/barrel).
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| WTI oil price on the world market early morning January 4, 2025 (Vietnam time) |
Similarly, Brent oil price was at 76.56 USD/barrel, up 0.84% (equivalent to an increase of 0.64 USD/barrel).
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| Brent oil price on the world market early morning January 4, 2025 (Vietnam time) |
Oil prices edged up on Wednesday and were on track to rise this week as cold weather in Europe and the United States and additional economic stimulus measures from China helped push prices to their highest in more than two months in the previous session.
Brent crude futures rose 69 cents, or 0.9%, to $76.62 a barrel at 12:49 p.m. ET (1749 GMT) after closing at their highest since Oct. 25 on Thursday. U.S. West Texas Intermediate crude rose $1.11, or 1.5%, to $74.24.
Brent crude is on track to gain 3.3% for the week, while WTI is expected to gain 5%.
Signs of a fragile Chinese economy have raised expectations for policy measures to boost growth in the world's top oil importer.
“China is making constant announcements about efforts to boost economic activity and the market is taking note,” said John Kilduff, partner at Again Capital in New York. He added that concerns about Chinese demand were a factor in forecasting a slowdown in demand last year.
China this week announced a series of new measures to boost growth, including a surprise pay rise for civil servants and a major increase in ultra-long-term Treasury bond financing. The extra funding will be used to boost business investment and consumer-boosting initiatives.
Oil prices are likely to be supported somewhat by expected increased demand for heating oil following forecasts of colder weather in some regions.
“Oil demand could benefit from cold temperatures across Europe and the US,” said UBS analyst Giovanni Staunovo. EIA data showing US crude inventories fell by 1.2 million barrels to 415.6 million barrels last week also supported prices.
Meanwhile, U.S. gasoline and distillate inventories surged as refineries ramped up output, even as fuel demand hit a two-year low.
The dollar, however, held firm and was on track for its best week in about two months, even after Friday’s decline, on expectations that the U.S. economy will continue to outperform other global economies this year and that U.S. interest rates will remain relatively high. Higher interest rates raise borrowing costs, which can dampen economic growth and demand for oil.
Domestic retail gasoline prices on January 4, 2025 will be applied according to the adjustment session from 3:00 p.m. on January 2 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 20,057 | +240 |
RON 95 gasoline | 20,746 | +199 |
Diesel | 18,755 | +125 |
Oil | 18,834 | +126 |
Fuel oil | 16,099 | +129 |
Specifically, the price of E5 RON 92 gasoline increased by VND240/liter, to VND20,057/liter; RON 95 gasoline increased by VND199/liter, to VND20,746/liter.
Diesel 0.05S price: Up 125 VND/liter, at 18,755 VND/liter; kerosene up 126 VND/liter, at 18,834 VND/liter; fuel oil 180CST 3.5S up 129 VND/kg, at 16,099 VND/kg.
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| Gasoline prices today January 4, 2025. Photo by Dinh Tuan |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-04012025-tren-da-tang-trong-tuan-367848.html
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