Gasoline and diesel prices today, September 1, 2024: Continuing to plummet.
Gasoline and oil prices today, September 1, 2024: World oil prices ended a volatile week with both Brent and WTI crude plummeting, WTI falling to $73.65.
World oil prices today, September 1, 2024
- At 5:30 AM on September 1, 2024, WTI crude oil prices stood at $73.65 per barrel, down 3.11%, or $2.36.
- Brent crude oil prices also fell, reaching $77.05 per barrel, down 2.40%, or $1.89.
Analysts believe that the sharp drop in oil prices at the end of the week's trading session was due to investors' expectations of increased supply from OPEC+ starting in October. At the same time, they also hope that the US will significantly cut interest rates next month, based on data showing increased consumer spending.
Oil prices are falling due to concerns about geopolitical issues in the Middle East.
Investors are also concerned about oil demand in China due to the country's slowing economy. Amarpreet Singh from Barclays noted that Chinese oil demand remains weak and shows no clear signs of recovery.
Risks from reduced oil production in Libya and the Israel-Gaza conflict also contributed to lower oil prices.
Speculation about a possible interest rate cut by the US Federal Reserve (Fed) also affects oil prices. The market expects the Fed to lower interest rates to stimulate economic growth, which could increase demand for oil.
Domestic fuel prices on September 1, 2024
From 3 PM on August 29th, domestic retail fuel prices were adjusted. E5 RON 92 gasoline decreased to 20,332 VND/liter. RON 95 gasoline also decreased in price, now at 21,109 VND/liter. Diesel 0.05S decreased in price, now at 18,477 VND/liter. Kerosene decreased slightly, with the new price at 19,065 VND/liter. Fuel oil 180CST 3.5S decreased to 15,562 VND/kg.
During this price adjustment period, there were no allocations or disbursements from the Fuel Price Stabilization Fund for gasoline and diesel. This marks the 44th consecutive time, since October 2023, that the price stabilization fund has not been utilized.
Since the beginning of the year, gasoline prices have increased 17 times and decreased 17 times, while oil prices have increased 15 times and decreased 18 times.
