Oil prices today August 24, 2024: Crude oil increased sharply after Jackson Hole
Oil prices today August 24, 2024: World oil prices jumped after Fed chairman's comments at Jackson Hole meeting
World oil price 8/24/2024
WTI crude oil price increased to 74.96 USD/barrel, up 1.95 USD. Brent oil price reached 79.07 USD/barrel, up 1.85 USD, as of 6:45 a.m. on August 24, Vietnam time.
Fed Chairman Jerome Powell spoke at the Jackson Hole economic conference, stressing the downside risks to inflation and the upside risks to employment. Mr. Powell said monetary policy would adjust based on new data and balance risks.
Mr. Powell's speech was seen as supporting the Fed's loosening of monetary policy.
Morgan Stanley reported that a decline in US oil inventories was a factor pushing oil prices higher.
Data from China shows the economy is struggling, reducing demand for oil from refineries.
A ceasefire in Gaza between Israel and Hamas helped ease oil supply concerns, weighing on oil prices this week.
Domestic gasoline prices August 24, 2024
On August 24, domestic retail gasoline prices were updated as follows:
- E5 RON 92 gasoline: not exceeding VND 20,424/liter.
- RON 95-III gasoline: not exceeding VND 21,317/liter.
- Diesel: not exceeding 18,776 VND/liter.
- Kerosene: not exceeding 19,149 VND/liter.
- Fuel oil: not exceeding 15,756 VND/kg.
These price changes were made after the price adjustment period on the afternoon of August 22 by the Ministry of Finance - Industry and Trade, with details:
- RON 95-III gasoline price decreased by 535 VND/liter.
- E5 RON 92 gasoline price decreased by 458 VND/liter.
- Diesel price decreased by 454 VND/liter.
- Kerosene price decreased by 423 VND/liter.
- Fuel oil price decreased by 489 VND/kg.
During this adjustment period, the joint ministries decided not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel, kerosene and fuel oil products.
Gasoline prices have decreased for the sixth time in the last eight adjustments, marking a return to a downward trend after increasing in the previous adjustment period on the afternoon of August 15.
