Gasoline price today September 1, 2024: Continue to plummet
Oil prices today September 1, 2024: World oil prices ended a volatile week with both Brent and WTI oil plunging, WTI oil sliding to 73.65 USD.
World oil prices today September 1, 2024
- At 5:30 a.m. on September 1, 2024, the price of WTI crude oil stood at 73.65 USD per barrel, down 3.11%, or 2.36 USD.
- Brent oil price also decreased, reaching 77.05 USD per barrel, down 2.40%, equivalent to 1.89 USD.
- Analysts said oil prices fell sharply in the last trading session of the week as investors expected OPEC+ supply to increase from October. At the same time, they also hoped that the US would cut interest rates significantly next month, based on data showing consumers spending more.
Oil prices are falling due to concerns about geopolitical issues in the Middle East.
Investors are also worried about oil demand in China as the country’s economy slows. Amarpreet Singh of Barclays said that China’s oil demand remains weak and there is no clear sign of recovery.
Risks from reduced oil production in Libya and the Israel-Gaza conflict also weighed on oil prices.
Speculation that the US Federal Reserve (Fed) may cut interest rates also affected oil prices. The market expects the Fed to cut interest rates to boost economic growth, which could increase oil demand.
Domestic gasoline prices on September 1, 2024
From 3:00 p.m. on August 29, domestic retail gasoline prices have been adjusted. E5 RON 92 gasoline price has decreased to 20,332 VND/liter. RON 95 gasoline price has also decreased, now 21,109 VND/liter. Diesel 0.05S price has decreased, now only 18,477 VND/liter. Kerosene price has decreased slightly, the new price is 19,065 VND/liter. Madut 180CST 3.5S oil has decreased to 15,562 VND/kg.
During this operating period, there was no allocation or disbursement from the Petroleum Price Stabilization Fund for gasoline and oil. This is the 44th consecutive time, since October 2023, that the price stabilization fund has not been used.
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.
