World oil prices reversed and decreased by 1%

Gasoline price today , world oil price June 22 , 2024

Recorded on Oilprice at 4:30 a.m. on June 2, 2024 (Vietnam time), WTI oil price was at 80.59 USD/barrel, down 0.69% (equivalent to a decrease of 0.56 USD/barrel).

WTI oil price on the world market early morning June 22 (Vietnam time)

Similarly, Brent oil price was at 85.16 USD/barrel, down 0.64% (equivalent to a decrease of 0.55 USD/barrel).

Brent oil price on the world market early morning June 22 (Vietnam time)

Crude oil prices fell about 1% in today's trading session on concerns that global oil demand growth could be hit by a strong US dollar and negative economic news from some parts of the world.

Prices fell despite signs of improving U.S. oil demand and falling fuel inventories that helped push crude to a seven-week high a day earlier.

The decline pushed WTI out of technically overbought territory for the first time in four days, while Brent futures remained overbought for a fourth straight day for the first time since early April. For the week, both crude benchmarks rose about 3% after rising about 4% last week.

The US dollar rose to a seven-week high against a basket of currencies as the Federal Reserve's patient approach to cutting interest rates contrasted with more dovish views elsewhere.

The Fed has raised interest rates aggressively in 2022 and 2023 to curb rising inflation. Higher interest rates have increased borrowing costs for consumers and businesses, which could slow economic growth and reduce demand for oil.

A stronger US dollar could also reduce demand for oil by making greenback-priced commodities like oil more expensive for holders of other currencies.

In the world's biggest oil consumer, US business activity rose to a 26-month high in June amid a recovery in employment, but price pressures eased significantly, offering hope that a recent slowdown in inflation may be sustained.

However, existing home sales in the US fell for a third straight month in May as record high home prices and a resurgence in mortgage rates scared off potential buyers.

Data from the U.S. Energy Information Administration on Thursday showed total product supplied, a proxy for oil demand, rose by 1.9 million barrels per day last week to 21.1 million barrels per day.

Despite falling crude prices, U.S. gasoline futures rose for a fourth straight day to a one-month high as demand picked up during the summer driving season and inventories fell.

Domestic gasoline prices today June 22, 2024

Domestic retail gasoline prices on June 22, 2024 will be applied according to the adjustment session from 3:00 p.m. on June 20 by the Ministry of Finance - Ministry of Industry and Trade.

Domestic gasoline prices applied according to the adjustment session on June 20. Photo: illustration.

Specifically, the price of E5 RON 92 gasoline increased to 21,508 VND/liter; RON 95 gasoline increased to 22,466 VND/liter.

In this adjustment session, oil prices increased again. Specifically, diesel oil price increased to 20,360 VND/liter; kerosene increased to 20,356 VND/liter. Fuel oil in this session was also adjusted up 334 VND/kg to 17,223 VND/kg.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	21,508	+198
RON 95 gasoline	22,466	+231
Diesel	20,360	+720
Oil	20,356	+497
Fuel oil	17,223	+334

According to the explanation of the Ministry of Industry and Trade, the above changes in domestic gasoline prices are due to the influence of factors such as: tensions in the Middle East region showing signs of increasing, military conflicts between Russia and Ukraine continuing, Ukraine continuing to attack Russian oil storage facilities... The above factors have caused world gasoline prices to tend to increase in recent days.

Regarding the Petroleum Price Stabilization Fund (BOG) in this management period, the Ministry of Industry and Trade - Ministry of Finance decided: Not to set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Thus, since the beginning of the year, the regulatory agency has made 25 adjustments to gasoline prices, including 10 periods of simultaneous price increases, 7 periods of price decreases, and 8 periods of alternating increases and decreases in gasoline prices.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-2262024-gia-dau-the-gioi-dao-chieu-giam-1-327428.html