Specifically, Brent oil price increased by 1.11% to 82.52 USD/barrel. US WTI oil price increased by 1.09 USD, equivalent to 1.43%, to 77.58 USD/barrel.
A decline in US refining activity and global trade disruptions that tightened diesel supplies pushed oil prices up, according to Reuters.
US diesel prices have risen rapidly to a four-month high, limiting arbitrage in fuel shipping to Europe.
Meanwhile, tensions continue to escalate in the Middle East despite efforts by all sides to reach a ceasefire agreement in the Gaza Strip.
Shipping routes in the Red Sea remain threatened by Houthi attacks. Last week, a US tanker narrowly escaped Houthi attacks, while another was hit by a fuel leak.
Phil Flynn, an analyst at financial firm Price Futures Group, said the market's focus has shifted to supply amid high demand.
U.S. refineries are expected to begin restoring production in March after completing overhauls. U.S. refinery utilization has been at 80.6% of national capacity over the past two weeks, according to the Energy Information Administration.
Domestically, the retail price of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of February 29. According to analysts, in the next adjustment, oil prices will continue to decrease due to the decrease in world oil prices last week.
The retail price of domestic gasoline on February 27 is as follows: E5 RON 92 gasoline is not more than VND 22,475/liter; RON 95-III gasoline is not more than VND 23,599/liter; diesel oil is not more than VND 20,910/liter; kerosene is not more than VND 20,921/liter; fuel oil is not more than VND 15,929/kg.
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