Oil prices today, February 7, ended the trading session on February 6, oil prices extended their decline after US President Donald Trump reiterated his commitment to increase the country's oil production, making traders worried when the US previously reported a much higher crude oil inventory increase than expected.
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| Oil prices today, February 7, oil prices extended their decline after news that the US reported higher-than-expected crude oil inventories. (Source: Oilprice) |
Brent crude fell 32 cents, or 0.4%, to $74.29 a barrel. WTI crude fell 42 cents, or 0.6%, to $70.61 a barrel.
According to Reuters , on February 6, Mr. Trump reiterated his commitment to increase US production, which is already the world's highest, in order to lower oil prices and reduce consumer inflation. This sent oil prices tumbling, giving up early gains that were supported by Saudi Arabia's state oil company raising prices for Asian buyers and new US sanctions on individuals and organizations for facilitating the transport of Iranian oil.
However, analysts still question whether US oil producers are willing to pump more oil into the current market.
"There is no sign of an acceleration in US drilling activity," said UBS analyst Giovanni Staunovo, adding that he was surprised by the market's reaction to President Donald Trump's comments.
Oil prices were also under pressure from a shocking increase in US crude oil inventories of 8.7 million barrels, four times higher than analysts' expectations.
Macquarie analysts expect US crude oil inventories to continue to rise sharply this week.
In the short term, oil markets are expected to remain volatile as global trade comes under pressure from the White House's rapidly shifting decisions on tariffs and sanctions.
On February 3, Mr. Donald Trump postponed imposing high tariffs on Mexico and Canada, but new tariffs on imports from China have already taken effect.
Domestic retail prices of gasoline on February 7 are as follows:
E5 RON 92 gasoline is not more than 20,442 VND/liter. RON 95-III gasoline is not more than 20,928 VND/liter. Diesel oil not more than 19,054 VND/liter. Kerosene not more than 19,414 VND/liter. Fuel oil not exceeding 17,354 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of February 6. While the price of E5 RON 92 gasoline increased by 51 VND/liter, the price of RON 95-III gasoline decreased by 74 VND/liter, diesel oil decreased by 192 VND/liter, kerosene decreased by 25 VND/liter, and fuel oil decreased by 148 VND/kg.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-72-noi-dai-da-giam-303464.html
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