Oil prices today December 25, 2024: Oil prices rose more than 1%, reversing the previous session's decline due to short-term prospects and tight supplies.
Gasoline price today December 25, 2024
Recorded on Oilprice at 4:30 a.m. on December 25, 2024 (Vietnam time), WTI oil price was at 70.17 USD/barrel, up 1.34% (equivalent to an increase of 0.93 USD/barrel).
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| WTI oil price on the world market in the early morning of December 25, 2024 (Vietnam time) |
Similarly, Brent oil price was at 73.65 USD/barrel, up 1.31% (equivalent to an increase of 0.95 USD/barrel).
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| Brent oil price on the world market in the early morning of December 25, 2024 (Vietnam time) |
Oil prices rose more than 1%, reversing the previous session's losses, as a brighter near-term outlook tied to a slightly tighter supply outlook amid thin trading activity ahead of the Christmas and Hanukkah holidays.
Brent crude futures closed at $73.58, up 95 cents, or 1.3%. West Texas Intermediate crude futures closed at $70.10, up 86 cents, or 1.2%.
FGE analysts said they expect benchmark prices to hover around current levels in the near term as activity in the paper market eases during the holiday season and market participants stay on the sidelines until they have a clearer view of the global oil balance in 2024 and 2025.
Changes in supply and demand so far in December support their less pessimistic view, FGE analysts said in a note.
“Given the positioning shortage in the paper market, any supply disruption could lead to a structural spike,” they added.
Some analysts also point to signs that oil demand will rise further in the coming months.
“The year is ending with the consensus from major agencies on the long-term 2025 liquids balance starting to break down,” Neil Crosby, vice president of oil analysis at Sparta Commodities, said in a note.
“EIA’s Short-Term Energy Outlook (STEO) recently turned its 2025 liquids forecast negative, although it continues to bring some OPEC+ barrels back into play next year,” Crosby said.
U.S. crude and fuel inventories are expected to have fallen last week, with crude inventories down about 1.9 million barrels in the week to December 20, a Reuters poll showed.
The poll comes ahead of a report from industry group the American Petroleum Institute at 4:30 p.m. EST (21:30 GMT) on Tuesday and a report from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, at 1 p.m. EST (18:00 GMT) on Friday.
Another factor supporting oil prices is a plan by China, the world's largest oil importer, to issue 3 trillion yuan ($411 billion) in special treasury bonds next year, as Beijing ramps up fiscal stimulus to revive its weakening economy.
China's stimulus measures are likely to support WTI crude oil prices in the short term at $67 a barrel, said OANDA senior market analyst Kelvin Wong.
Markets will also be watching the US economy, the world's largest oil consumer, with mixed data .
While consumer confidence weakened in December, new orders for key U.S. manufactured capital goods jumped in November amid strong machinery demand and a rebound in new home sales, suggesting the U.S. economy is on solid footing as the year ends.
US markets will be closed on Wednesday, December 25 and there will be no reports on global oil markets during the day.
Domestic retail gasoline prices on December 25, 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 25, 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-25122024-gia-dau-tang-1-truoc-ky-nghi-le-366050.html
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