Oil prices today, September 30, Brent oil prices increased by 0.46%, WTI oil prices decreased by 0.25%. This week, oil prices may fluctuate according to non-farm payroll reports and US manufacturing activity data.
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| Oil prices today, September 30, Brent oil prices increased by 0.46%, WTI oil prices decreased by 0.25%. This week, oil prices may fluctuate according to non-farm payroll reports and US manufacturing activity data. (Source: Oilprice) |
Last week, oil prices fell quite sharply, with Brent crude “plummeting” approximately 3% to below the $72/barrel mark, and WTI crude “sliding” nearly 5%, further and further away from the $70/barrel mark.
Oil prices fell last week due to the possibility of Saudi Arabia increasing production, falling demand not only in China but also in the eurozone, and expectations that Libya will restore export output.
In 5 trading sessions, oil prices have decreased in 3 sessions and only increased "moderately" in 2 sessions.
According to Reuters , Riyadh is considering a strategy to regain market share in the oil market by increasing production, abandoning the unofficial price target of $100/barrel. Meanwhile, rival factions in Libya have reached an agreement to end the dispute, opening up the prospect that the country's export output will soon be restored.
Last week, factors that limited the decline in oil prices included China's monetary easing to boost economic growth; conflicts in the Middle East that showed no signs of cooling down, even threatening to escalate; and a decline in US inventories of gasoline, oil, and distillates.
Data from the US Energy Information Administration showed that US crude inventories fell by 4.5 million barrels in the week ending September 20, more than three times the 1.4 million barrel drop analysts expected. Meanwhile, US gasoline and distillate inventories also fell by 1.5 million barrels and 2.2 million barrels, respectively.
Also last week, in its annual outlook report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for world oil demand in the medium and long term. OPEC expects world oil demand to reach 118.9 million barrels per day in 2045, about 2.9 million barrels per day higher than it projected in last year's report. The report also forecasts demand in 2050 to reach 120.1 million barrels per day.
Separately, data showed that the US consumer confidence index fell to 98.7 in September from 105.6, the biggest decline since August 2021, amid growing concerns about the labor market. Investors expect the US Federal Reserve (Fed) to continue cutting interest rates to support the weakening labor market despite high inflation.
This week, oil prices may fluctuate according to non-farm payroll reports, US manufacturing activity data, Fed Chairman Jerome Powell's speech at the National Association for Business Economics Conference, the situation in the Middle East, and US gasoline and oil inventories.
Domestic retail prices of gasoline on September 30 are as follows:
E5 RON 92 gasoline is not more than 19,620 VND/liter. RON 95-III gasoline is not more than 20,518 VND/liter. Diesel oil not more than 17,506 VND/liter. Kerosene not more than 17,873 VND/liter. Fuel oil not exceeding 15,357 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted up by the Ministry of Finance - Ministry of Industry and Trade in the price adjustment session on the afternoon of September 26. The price of E5 RON 92 gasoline increased by 679 VND/liter, RON 95-III gasoline increased by 756 VND/liter, diesel oil increased by 463 VND/liter, kerosene increased by 322 VND/liter, and fuel oil increased by 531 VND/kg. This is the second consecutive increase in gasoline prices.
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-309-increases-in-direction-affects-the-my-economy-288224.html
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