World oil prices

According to Reuters , at the end of the trading session on June 22, oil prices increased by 1 USD as US corn and soybean prices rose to multi-month highs, raising expectations that global crop shortages could reduce biofuel blends and increase oil demand.

Gasoline prices have rebounded after two sessions of decline. Illustration photo: Reuters

Brent crude futures rose $1.22, or 1.6%, to $77.12 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.9%, to $72.53 a barrel. Both contracts hit two-week highs earlier in the session.

Chicago Board of Trade (CBOT) corn futures jumped 5.2 percent on June 21 after a government report showed much of the U.S. crop was suffering from drought conditions as it neared its key growing stages. CBOT November soybeans hit their highest since March 9, traders said.

“The grain market is starting to wake up to the fact that inventories are low and it will only be a matter of time before the oil market starts to wake up to that reality,” said Phil Flynn, an analyst at Price Futures Group.

Also supporting oil prices was a decline in the US dollar against a basket of global currencies after US Federal Reserve Chairman Jerome Powell suggested the US central bank was close to achieving its policy goals.

Data from the American Petroleum Institute (API) showed that US oil reserves in the week ending June 16 decreased by more than 1.2 million barrels, while gasoline reserves increased by 2.935 million barrels; distillate inventories decreased by 301,000 barrels.

Official US oil inventory data will be released by the Energy Information Administration (EIA) today (June 22).

Oil prices were limited after UK inflation data held steady at 8.7% in May despite expectations of a slowdown that will likely prompt the Bank of England to raise interest rates by half a percentage point today.

“Countries are struggling to contain inflation and that will slow growth and threaten a global recession,” said Craig Erlam, senior market analyst at OANDA.

Oil prices still fluctuate strongly in each trading session. Illustration photo: Oilprice

Domestic gasoline prices

Domestic retail prices of gasoline on June 22 are as follows:

E5 RON 92 gasoline is not more than 20,878 VND/liter.

RON 95 gasoline is not more than 22,015 VND/liter.

Diesel oil not more than 18,174 VND/liter.

Kerosene not more than 17,956 VND/liter.

Fuel oil not exceeding 14,587 VND/kg.

The domestic gasoline prices mentioned above were adjusted at the price management session of the Ministry of Finance - Industry and Trade on the afternoon of June 21, with gasoline prices remaining unchanged, diesel and kerosene prices increasing slightly by less than 150 VND/liter, while mazut prices decreased by 132 VND/kg.

In this management period, the joint ministries decided to continue to reduce the allocation level of the Price Stabilization Fund for all petroleum products and continue not to spend the Price Stabilization Fund for all petroleum products.

Since the beginning of the year, gasoline prices have undergone 18 adjustments, of which 9 have increased, 6 have decreased, and 3 have remained unchanged.

MAI HUONG