Gasoline prices today February 9, world oil prices continue to decrease in the context of a potential trade war between the US and China.
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| Oil prices today, February 9, world oil prices continue to decrease in the context of a potential trade war between the US and China. (Source: Oilprice) |
Brent crude has reversed all of its year-to-date gains and is back where it started the year, according to Oilprice . Oil prices slid after global concerns about a potential trade war between the US and China became the main topic of market discussion.
This week, while US President Donald Trump’s “drill, drill” policy was sidelined by a meeting of US oil executives in Houston, Mr Trump reiterated his pledge to increase US production, already the highest in the world, in order to lower oil prices and reduce consumer inflation.
This caused Brent oil to record a weekly decline and end the first week of February below $75/barrel.
During the week, both Brent and WTI crude oil had some price increases (the first and last sessions of the week), but the increases were quite modest. Oil prices had a mixed trading session in the second trading session of the week with a maximum increase and decrease of 46 cents. Notably, in this trading session, oil prices at one point "slipped" by 3%.
Oil prices fell nearly 3% in the two trading sessions in the middle of the week, pressured by the 10% US tariff on imports from China that took effect on February 4, prompting Beijing to impose retaliatory tariffs. According to Kelvin Wong, senior market analyst at OANDA, China’s retaliation may not stop at a 10% tariff on US crude oil, but could also be a deliberate attempt to weaken the yuan if the US responds by imposing additional tariffs on Chinese exports to the country.
Trade tensions between the US and China could reduce demand for oil, putting further pressure on oil prices.
Oil prices also fell due to an increase in US gasoline and oil inventories. According to the US Energy Information Administration (EIA), in the week ending January 31, US oil inventories increased by 8.7 million barrels, much higher than analysts expected; gasoline inventories increased by 2.2 million barrels.
Also this week, the Organization of the Petroleum Exporting Countries and its allies (OPEC +) decided to maintain its policy of gradually increasing oil production from April. In addition, OPEC + also removed the EIA from the sources used to monitor production and compliance with oil supply agreements.
This week, the US Treasury Department imposed new sanctions on several individuals and tankers accused of helping Tehran ship millions of barrels of Iranian crude to China each year, in line with President Trump's pledge to "maximize pressure on Iran" and reduce its exports.
Domestic retail prices of gasoline on February 9 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/gasoline-price-today-92-continued-to-decrease-before-the-US-China-trade-war-increase-303667.html
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