World oil prices

Oil prices rose slightly in the first trading session of the week (June 26) as investors balanced concerns about global demand growth against supply disruptions that could worsen following the "riot incitement" in Russia over the weekend, Reuters reported.

Brent crude futures rose 33 cents, or 0.5%, to $74.18 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 21 cents, or 0.3%, to $69.37 a barrel.

Gasoline prices increase slightly. Illustration photo: Reuters

Price Futures Group analyst Phil Flynn warned that Russian political instability could exacerbate supply shortages in the coming months due to Saudi Arabia's commitment to cut production by an additional 1 million barrels per day from July, the risk of falling US output, and the impending release of oil from the US strategic petroleum reserve.

The number of oil and natural gas rigs operated by U.S. energy companies, an early indicator of future U.S. supply, fell for an eighth straight week, according to Baker Hughes. The oil rig count fell by five to 682 in the week to June 23, the lowest since April 2022. The oil rig count fell by six to 546.

Apart from Russia, the focus is on Saudi Arabia as the kingdom implements additional production cuts for July and the upcoming US Independence Day (July 4) weekend and its impact on demand, said Kpler analyst Matt Smith.

Both Brent and WTI fell about 3.6% last week on concerns that the US Federal Reserve's continued interest rate hikes could dent oil demand at a time when China's economic recovery is not as strong as investors expect.

Oil prices continue to fluctuate during trading sessions. Illustration: Oilprice

Domestic gasoline prices

Domestic retail prices of gasoline on June 27 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.

MAI HUONG