World oil price today February 14
According to data from Oil Price at 6:00 a.m. on February 14 (Vietnam time), WTI oil price was trading at 77.81 USD/barrel, up 0.81 USD/barrel. Meanwhile, Brent oil price was trading at 82.77 USD/barrel, up 0.73 USD/barrel. Both of the world's most popular crude oils increased in price in this morning's trading session.
World oil prices continue to increase today. (Illustration: Cong Hieu)
On February 12, Houthi forces in Yemen fired two missiles at a cargo ship bound for Iran through the Red Sea. Since mid-November 2023, Houthi forces have attacked international ships with trade relations with the US, UK and Israel passing through the Red Sea.
In addition, the US's increased enforcement of sanctions against Iran is also likely to tighten oil supply in the market.
Meanwhile, the demand for oil in the market is forecast to increase in the coming time.
The International Energy Agency (IEA) predicts that oil demand will peak in 2030. The Organization of the Petroleum Exporting Countries (OPEC) predicts that oil demand will continue to increase over the next two decades.
World oil prices rose more than 6% last week, marking the strongest weekly increase since the beginning of the year.
However, uncertainty about the path of US interest rate cuts has limited the upside momentum of oil prices.
If inflation causes the US Federal Reserve to delay its decision to cut interest rates, it could slow economic growth and reduce demand for oil.
Domestic gasoline prices
In the domestic market, the selling price of gasoline and oil today, February 14, is applied according to the price of the operating session on the afternoon of February 8.
Accordingly, the retail price of gasoline and oil was adjusted down by the Ministry of Finance and Industry and Trade.
Specifically, E5 RON92 gasoline decreased by 793 VND/liter, not higher than 22,120 VND/liter, RON95 gasoline decreased by 898 VND/liter, to 23,262 VND/liter.
Diesel oil decreased by 292 VND/liter, not higher than 20,707 VND/liter; Kerosene decreased by 353 VND/liter, not higher than 20,588 VND/liter and fuel oil price decreased by 489 VND/kg, not higher than 15,598 VND/kg.
In this period of regulation, the petroleum price management agency has decided to set aside a price stabilization fund for fuel oil at VND300/kg (as in the previous period), and not to set aside a fund for gasoline, diesel and kerosene. At the same time, the management agency will not use the fund for all petroleum products.
According to the explanation of the Ministry of Industry and Trade, the domestic gasoline price has changed as above due to the influence of factors such as: information about the ceasefire negotiations in Gaza, conflicts in the Red Sea region, increased gasoline inventories in the US, oil refineries in the US being overhauled, fire at oil refinery in Russia, China's economy continues to face difficulties that may limit oil demand...
This is the first time since the beginning of 2024 that gasoline prices have been adjusted down. Before that, gasoline prices had increased continuously for 4 consecutive weeks.
Cong Hieu
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