Today's gasoline price, September 6, recorded world oil prices falling to a 14-month low due to concerns about demand in the US and China...
According to Reuters news agency, world oil prices fell to a 14-month low on September 5 (US time) due to concerns about demand in the US and China, and the possibility of increased supply from Libya "overpowering" the decrease in US oil reserves.
In addition, the delay in plans to increase production by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, also affected oil prices.
Brent crude futures fell 1 cent to $72.69 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 5 cents to $69 a barrel. This is the lowest closing price for Brent crude since June 2023 and the lowest closing price for WTI since December 2023.
The US Energy Information Administration (EIA) said energy companies “drained” 6.9 million barrels of crude oil from reserves in the week ending August 30.
The figure was much higher than the 1 million barrel drop forecast by Reuters analysts.
In addition, OPEC+'s agreement to delay the production increase scheduled to start in October is also a factor supporting oil prices.
Analysts at US investment banking firm Jefferies said the OPEC+ decision could tighten supply by 100,000-200,000 barrels per day in the fourth quarter of 2024 and limit the decline in oil prices even if demand from China does not improve.
However, Bob Yawger, director of energy commodities trading at Mizuho, noted that the market was not impressed with the latest information from OPEC+.
Meanwhile, the US economy received mixed figures.
The latest US economic data has provided some confidence about the health of the economy to markets looking for clues on the path of interest rate cuts by the US Federal Reserve (Fed).
The Fed has raised interest rates aggressively in 2022 and 2023 to curb rising inflation, but the bank is expected to cut rates at its September 17-18 policy meeting.
Lower interest rates could boost economic growth and oil demand.
US services sector activity stabilized in August 2024, but job growth slowed, suggesting a cooling labor market.
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| Oil prices today, September 6: A series of bad news 'suppresses' the world market. (Source: Oilprice) |
Domestic retail prices of gasoline on September 6 are as follows:
E5 RON 92 gasoline is not more than 20,332 VND/liter. RON 95-III gasoline is not more than VND 21,109/liter. Diesel oil not more than 18,477 VND/liter. Kerosene not more than 19,065 VND/liter. Fuel oil not exceeding 15,562 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session on the afternoon of August 29. In this adjustment session, the price of diesel oil decreased the most, by 299 VND/liter, followed by RON 95-III gasoline, which decreased by 208 VND/liter. Fuel oil decreased by 194 VND/kg, and E5 RON 92 gasoline decreased by 92 VND/liter. Kerosene decreased the least, by 84 VND/liter.
This is the second consecutive reduction in domestic gasoline prices.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-69-loat-tin-xau-de-nen-thi-truong-the-gioi-285202.html
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