World oil price today March 17: Slight decrease at the end of the week

In this morning's trading session, WTI oil decreased by 0.22 USD/barrel, while Brent oil decreased by 0.08 USD/barrel compared to yesterday morning (March 16).

World oil prices

WTI oil price traded at 81 USD/barrel, down 0.27% (equivalent to a decrease of 0.22 USD/barrel).

Similarly, Brent oil price was at 85.35 USD/barrel, down 0.09% (equivalent to a decrease of 0.08 USD/barrel).

World oil prices fell slightly today. (Illustration photo).

Recent data from the International Energy Agency (IEA) showed that US crude oil inventories unexpectedly fell by 1.536 million barrels last week instead of the expected increase of 1.338 million barrels.

The IEA also revised its forecast for global oil demand in 2024 to 1.3 million barrels per day, from its previous estimate of 1.2 million barrels per day, and revised this year's forecast to a slight deficit instead of a surplus.

Oil prices were also supported this week by Ukrainian drone attacks on Russian oil refineries, which caused a fire at Rosneft's largest refinery.

In addition, ongoing geopolitical tensions in the Middle East and OPEC+'s decision to extend supply cuts further contributed to the sharp increase in oil prices.

Domestic gasoline prices

Domestic retail gasoline prices on March 17 were applied according to the adjustment session from 3:00 p.m. on March 14 by the Ministry of Finance and Ministry of Industry and Trade.

Accordingly, the price of E5 RON 92 gasoline decreased to 22,490 VND/liter; RON 95 gasoline decreased to 23,543 VND/liter.

Domestic gasoline prices fluctuated during the adjustment period on March 14. (Photo: Minh Duc).

On the contrary, diesel price in this session was adjusted up to 20,549 VND/liter; kerosene also increased to 20,706 VND/liter.

Similarly, the price of fuel oil in this adjustment session continued to increase, specifically, to 16,432 VND/kg.

Domestic gasoline prices change due to the influence of factors such as: China's CPI has increased but is forecast to increase in the short term, US commercial oil inventories have decreased more sharply than forecast, tensions in the Middle East continue...

Regarding the Petroleum Price Stabilization Fund (BOG) in this management period, the Ministry of Industry and Trade - Ministry of Finance decided: Set aside the BOG Fund for fuel oil, not set aside the BOG Fund for gasoline, diesel and kerosene; do not use the BOG Fund for all petroleum products.

PHAM DUY

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