World oil prices are fluctuating in opposite directions.

World oil prices today, February 13th

According to data from Oilprice at 6:30 AM on February 13th (Vietnam time), WTI crude oil was trading at $77.00 per barrel, up 0.21% ($0.16 per barrel).

Conversely, Brent crude oil was trading at $82.04 per barrel, down 0.18% (down $0.15 per barrel).

World oil prices fluctuated in opposite directions in today's trading session due to concerns about interest rates and global demand, after prices rose by about 6% last week.

World oil prices today showed mixed movements. (Illustrative image: Oilprice)

The Federal Reserve's January survey of consumer expectations showed that the outlook for inflation one year and five years from now remains unchanged, both staying above the Fed's 2% target.

If inflation concerns delay the Fed's interest rate cuts, it could reduce oil demand due to slower economic growth.

US inflation data is expected to be released on Tuesday, while UK inflation data and Eurozone gross domestic product (GDP) figures will be released on Wednesday.

The International Energy Agency (IEA), representing developed industrial countries, predicts that oil demand will peak in 2030, reducing the justification for investment.

Patrick Pouyanne, CEO of France's TotalEnergies, said he doesn't see oil demand peaking in the figures, adding , "We should get out of the debate about peaking oil demand, get serious and invest."

The Organization of Petroleum Exporting Countries (OPEC) believes that oil consumption will continue to increase over the next two decades. The benchmark crude oil price rose by about 6% last week due to threats to shipping in the Red Sea, Ukrainian strikes on Russian refineries, and US refinery maintenance.

Analysts at energy consulting firm Ritterbusch and Associates stated: “We note once again that global crude oil supplies have not been significantly disrupted by tensions in the Middle East and the rerouting of oil shipments around the Red Sea has not significantly reduced global crude oil supply.”

Domestic fuel prices

In the domestic market, the selling prices of gasoline and diesel fuel today, February 13th, are based on the prices set in the price adjustment session on the afternoon of February 8th.

Accordingly, retail prices of gasoline and diesel fuel have been adjusted downwards by the Ministry of Finance and the Ministry of Industry and Trade.

Today's fuel prices (February 13th) are based on the prices set in the price adjustment session on the afternoon of February 8th. (Illustrative image: Cong Hieu)

Specifically, E5 RON92 gasoline decreased by 793 VND/liter, not exceeding 22,120 VND/liter, and RON95 gasoline decreased by 898 VND/liter, to 23,262 VND/liter.

Diesel fuel prices decreased by 292 VND/liter, not exceeding 20,707 VND/liter; kerosene prices decreased by 353 VND/liter, not exceeding 20,588 VND/liter; and fuel oil prices decreased by 489 VND/kg, not exceeding 15,598 VND/kg.

In this price adjustment period, the petroleum price regulatory agency decided to allocate funds to the price stabilization fund for fuel oil at 300 VND/kg (the same as the previous period), but not for gasoline, diesel, and kerosene. At the same time, the agency did not use the fund for any petroleum products.

According to the Ministry of Industry and Trade, the changes in domestic gasoline and diesel prices are due to factors such as: information about ceasefire negotiations in Gaza, conflicts in the Red Sea region, increased gasoline and diesel inventories in the US, overhauls at US refineries, refinery fires in Russia, and continued economic difficulties in China that may limit oil demand…

This is the first time since the beginning of 2024 that gasoline prices have been adjusted downwards. Prior to this, gasoline prices had increased continuously for four consecutive weeks.

PHAM DUY

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