Today's oil price, February 11, ended the first trading session of the week, with oil prices "pocketing" nearly 2%. Brent oil prices increased by 1.21 USD, equivalent to 1.6%, to 75.87 USD/barrel. WTI oil prices increased by 1.32 USD, equivalent to 1.9%, to 72.32 USD/barrel.
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| Oil prices today, February 11, ending the first trading session of the week, oil prices 'pocketed' nearly 2%. (Source: Getty) |
Oil prices extended gains from last week's final trading session despite global trade concerns.
Explaining why oil prices suddenly jumped, Harry Tchilinguiran, head of research at Onyx Capital, said that after last week’s decline, some people may have bought into the dip. According to him, last week’s tariff uncertainty affected overall risk appetite and had a spillover effect on oil.
US President Donald Trump is expected to sign an executive order on tariffs, Reuters reported, a move that could raise the risk of a multi-front trade war. A week ago, Trump announced tariffs on Canada, Mexico and China, but held off on imposing them on neighboring countries.
Tariffs could reduce global economic growth and energy demand.
“The market is recognizing that tariff headlines are likely to continue in the coming weeks and months,” said IG analyst Tony Sycamore. There’s also a chance that tariffs will be rolled back or even increased at some point in the near future, he said. “So investors are probably coming to the conclusion that reacting negatively to every headline isn’t the best course of action.”
China’s retaliatory tariffs on some U.S. exports took effect on Feb. 10. There has been no sign of progress in talks between Beijing and Washington. Oil traders are seeking exemptions from Beijing on imports of U.S. crude and liquefied natural gas.
Russia's Federal Antimonopoly Service may impose a one-month ban on gasoline exports on major producers to stabilize wholesale prices ahead of the planting season, state news agency TASS reported.
"Tightening Russian crude and gasoline export supplies sent Middle East spot crude prices higher early in the trading session on February 10," said Dennis Kissler, senior vice president of trading at BOK Financial.
Sanctions against Iran and Russia are tightening the market, said SEB analyst Bjarne Schieldrop, adding that rising natural gas prices are also helping to boost oil prices by boosting demand for cheaper fuel.
Domestic retail prices of gasoline on February 11 are as follows:
E5 RON 92 gasoline is not more than 20,442 VND/liter. RON 95-III gasoline is not more than 20,928 VND/liter. Diesel oil not more than 19,054 VND/liter. Kerosene not more than 19,414 VND/liter. Fuel oil not exceeding 17,354 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of February 6. While the price of E5 RON 92 gasoline increased by 51 VND/liter, the price of RON 95-III gasoline decreased by 74 VND/liter, diesel oil decreased by 192 VND/liter, kerosene decreased by 25 VND/liter, and fuel oil decreased by 148 VND/kg.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-112-bo-tui-gan-2-khi-nguy-co-cuoc-chien-thuong-mai-can-ke-303887.html
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