Specifically, Brent oil price decreased by 0.07% to 81.97 USD/barrel. US WTI oil price decreased by 0.03% to 78.21 USD/barrel.
The US personal consumption expenditures (PCE) index, the Federal Reserve's preferred inflation gauge, rose 0.3% in January, according to a report from the US Commerce Department. The core PCE index rose 0.4%.
The reading showed January inflation was in line with economists' expectations, keeping a rate cut in June on the table.
Data from some of the region's biggest economies showed euro zone inflation continued to fall in February, bolstering the case for the European Central Bank to start easing interest rates later this year.
High interest rates have helped many major Western economies curb inflation, which could dampen economic growth and oil demand.
On the supply side, US crude inventories rose by 4.2 million barrels, the fifth straight weekly increase after refinery outages caused by a winter storm in January.
Earlier, reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) would consider extending voluntary oil production cuts into the second quarter sent oil prices tumbling.
A Reuters survey found OPEC pumped 26.42 million barrels per day this month, up 90,000 barrels per day from January. Libya's output rose 150,000 barrels per day from the previous month.
A Reuters survey of 40 economists and analysts forecast an average price of $81.13 a barrel for the front-month contract this year.
Domestically, yesterday afternoon, the retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade in the price management period. Accordingly, the price of E5 RON 92 and RON 95-III gasoline increased by VND277/liter and VND330/liter, respectively. On the contrary, oil prices decreased with diesel down VND137/liter, kerosene down VND136/liter. However, fuel oil increased by VND30/kg.
In this operating period, the joint ministries set aside the Petroleum Price Stabilization Fund for fuel oil at 300 VND/kg, did not set aside the Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil and kerosene, and did not use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene and fuel oil.
Since the beginning of the year, gasoline prices have increased 6 times and decreased 3 times.
The retail price of domestic gasoline on March 1 is as follows: E5 RON 92 gasoline is no more than VND 22,752/liter; RON 95-III gasoline is no more than VND 23,929/liter; diesel oil is no more than VND 20,773/liter; kerosene is no more than VND 20,785/liter; fuel oil is no more than VND 15,959/kg.
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