Oil prices today December 23, 2024: At the end of a trading week, WTI crude oil decreased by 1.83 USD/barrel, down 2.6% compared to the previous week and Brent oil decreased by 1.55 USD/barrel.
Gasoline price today December 23, 2024
Recorded on Oilprice at 4:30 a.m. on December 23, 2024 (Vietnam time), WTI oil price was at 69.58 USD/barrel, up 0.12% (equivalent to an increase of 0.08 USD/barrel).
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| WTI oil price on the world market in the early morning of December 23, 2024 (Vietnam time) |
Similarly, Brent oil price was at 72.98 USD/barrel, up 0.08% (equivalent to an increase of 0.06 USD/barrel).
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| Brent oil price on the world market in the early morning of December 23, 2024 (Vietnam time) |
At the end of the trading week, WTI crude oil was at 71.29 USD/barrel last week, down to 69.46 USD/barrel this weekend. Overall, WTI crude oil decreased by 1.83 USD/barrel, equivalent to a decrease of 2.6% compared to the previous week.
Brent crude oil was at $74.49/barrel last week, down to $72.94/barrel this week. Overall, Brent crude oil fell $1.55/barrel last week, down 2.1% from the previous week.
Thus, after the previous week's sharp increase, world oil prices fell across the board last week. According to analysts, although the US Federal Reserve (Fed) cut interest rates by 0.25 percentage points as predicted, persistent inflation will make the US Central Bank more cautious about cutting interest rates in 2025.
The dollar slipped from a two-year high after data showed U.S. inflation had cooled. The data came two days after the Federal Reserve cut interest rates but downgraded its outlook for further cuts next year. A weaker dollar makes oil cheaper for holders of other currencies, while rate cuts could boost demand for oil.
Data from the US Commerce Department's Bureau of Economic Analysis showed that personal consumption expenditures (PCE), which account for more than two-thirds of US economic activity, rose 0.4% in November; core PCE rose 0.1%, the smallest increase in six months.
Although the PCE price index - the Fed's preferred inflation gauge - recorded its smallest increase in six months in November, the annual increase in core inflation, which excludes food and energy, remained well above the US central bank's 2% target.
The market is concerned about the demand outlook, especially from China, and if monetary support from the Fed is lost, it would be a double whammy, Kilduff said.
China's crude oil imports could peak as early as 2025 and its oil consumption will peak in 2027 as demand for diesel and gasoline weakens, state-owned oil refiner Sinopec said.
Emril Jamil, senior research fellow at LSEG, said the Organization of the Petroleum Exporting Countries and its allies (OPEC+) needed to maintain supply discipline to boost prices and ease market jitters over continued adjustments to the demand outlook.
OPEC+ has cut its forecast for global oil demand growth in 2025 for the fifth consecutive month. Meanwhile, JPMorgan expects the oil market to move from balance in 2024 to a surplus of 1.2 million barrels per day in 2025, as the bank expects non-OPEC+ supply to grow by 1.8 million barrels per day in 2025 while OPEC production remains at current levels.
In a move that could cut supply, G7 countries are considering measures to tighten the price ceiling on Russian oil, such as an outright ban or lowering the price threshold.
Domestic retail gasoline prices on December 23, 2024 will be applied according to the adjustment session from 3:00 p.m. on December 19 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 20,244 | +383 |
RON 95 gasoline | 21,004 | +408 |
Diesel | 18,733 | +478 |
Oil | 18,968 | +402 |
Fuel oil | 15,903 | +329 |
Specifically, the price of E5 RON 92 gasoline increased by VND383/liter, to VND20,244/liter; RON 95 gasoline alone increased by VND408/liter, to VND21,004/liter.
Diesel 0.05S price: Increased by 478 VND/liter, up to 18,733 VND/liter; kerosene increased by 402 VND/liter, up to 18,968 VND/liter; fuel oil 180CST 3.5S increased by 329 VND/kg, up to 15,903 VND/kg.
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| Gasoline prices today December 23, 2024. 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.
Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 50 adjustment sessions, including 23 decrease sessions, 20 increase sessions and 8 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-23122024-du-bao-tiep-tuc-lao-doc-365664.html
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