World oil prices today August 17, 2024

In the world market, gasoline prices today, August 17, continued to weaken following the downward trend from the previous session.

On August 16, world oil prices turned down after increasing by more than 1 USD/barrel in the session on August 15.

Data from Oilprice shows that at 8:25 p.m. on August 16 (Vietnam time), Brent oil price was listed at $79.43/barrel, down 1.99% from the previous session. WTI oil price was at $76.42/barrel, down 2.23% from the previous session.

According to analysts, world oil prices fell due to concerns about weakening demand.

Data from the US Energy Information Administration showed that US oil inventories rose by 1.4 million barrels in the week ended August 9, contrary to analysts' estimates of a 2.2 million barrel decrease and contrary to the American Petroleum Institute's previous estimate of a 5.21 million barrel decrease.

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Petrol prices plummet. Photo: Whichcar

Analysts at ANZ Bank said rising oil inventories had raised concerns about weak demand.

The International Energy Agency (IEA) on August 13 maintained its forecast for global oil demand growth in 2024 at 970,000 barrels per day but cut its estimate for 2025 to 950,000 barrels per day (down 30,000 barrels per day from the previous forecast) due to the weakening Chinese economy affecting consumption.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) recently cut its outlook for global oil demand this year.

OPEC forecasts the world will consume 104.3 million barrels of oil per day in 2024, up 2.11 million from last year. However, this is lower than the forecast last month. This is the first time since July 2023 that OPEC has lowered its demand growth forecast.

Domestic gasoline prices today August 17, 2024

In the domestic market, the selling prices of gasoline and oil today, August 17, are applied according to the prices at the management session on the afternoon of August 15 of the Ministry of Finance - Industry and Trade.

Accordingly, the prices of all types of gasoline and oil have been adjusted upward by the Ministry of Industry and Trade and the Ministry of Finance after five consecutive decreases.

Specifically, the price of E5 gasoline was adjusted up to 20,880 VND/liter. The price of RON 95 gasoline increased to 21,850 VND/liter.

Similarly, diesel price was also raised to 19,230 VND/liter. Kerosene price was raised to 19,570 VND/liter.

Retail price of gasoline today:

Item Price from August 15 (unit: VND/liter) Compared to previous period
Gasoline RON 95-III 21,850 + 180
Gasoline E5 RON 92-II 20,880 + 170
Diesel 19,230 + 90
Oil 19,570 + 160
Gasoline prices today, August 16, 2024, turned down . Gasoline prices today, August 16, 2024, in the international market turned down after increasing by more than 1 USD in the previous session. In the domestic market, gasoline prices were adjusted up since yesterday afternoon.