It started climbing and then immediately started falling.

World oil prices

According to Reuters, at the close of trading on August 28, oil prices fluctuated only slightly, pressured by concerns that further US interest rate hikes could reduce demand, but supported by the possibility of supply disruptions from tropical storm Idalia.

Specifically, Brent crude oil prices fell 6 cents, or 0.07%, to $84.42 per barrel, after touching a daily high of over $85 per barrel. Conversely, US WTI crude oil prices rose 27 cents, or 0.3%, to $80.1 per barrel.

Last week, crude oil prices recorded their second consecutive weekly decline after Federal Reserve Chairman Jerome Powell indicated that the central bank may need to raise interest rates further to cool persistently high inflation.

Dennis Kissler, senior vice president of trading at BOK Financial, said: “There are still concerns about demand falling, especially if we see interest rates rise higher; the market is very worried.”

The Personal Consumption Expenditures price index, the Fed's preferred measure of inflation, will be released on Thursday, and non -farm payroll data will be released this Friday.

China has halved the stamp duty on stock transactions, but Chinese stock markets have erased much of their early gains amid lingering concerns about a sluggish economy .

Ole Hansen, head of commodity strategy at Saxo Bank, said the focus of the oil market is “China’s actions to support its economy, Tropical Storm Idalia heading toward Florida, and whether Brent can regain momentum by breaking above $85 a barrel.”

Tropical storm Idalia is expected to strengthen into a hurricane as it approaches the Florida Gulf Coast. Some experts fear the storm could impact the eastern oil-producing region.

According to IG market analyst Tony Sycamore, the storm's impact will most likely cause power outages for a day or two. He said, "That will create some short-term support for oil prices."

Oil prices remained above $80 a barrel, supported by declining oil inventories and supply cuts from the OPEC+ group of oil producers.

Analysts told Reuters last week that Saudi Arabia is expected to extend its voluntary oil production cuts of 1 million barrels per day through October, as the kingdom seeks to provide further support to the market.

Domestic fuel prices

The retail prices of gasoline and diesel in Vietnam on August 29th are as follows:

E5 RON 92 gasoline should not exceed 23,339 VND/liter.

RON 95 gasoline should not exceed 24,601 VND/liter.

Diesel fuel prices should not exceed 22,354 VND/liter.

Kerosene price should not exceed 22,309 VND/liter.

Fuel oil price should not exceed 17,981 VND/kg.

Source