Gasoline price today (April 29): Towards 80 USD/barrel

Indomestic market, the selling price of gasoline and oil today is applied according to the price at the operating session on April 21 of the Ministry of Finance - Industry and Trade.

Accordingly, the price of RON 95 gasoline is 23,630 VND/liter. The price of E5 gasoline is down to 22,680 VND/liter. The price of diesel is no higher than 19,390 VND/liter. The price of kerosene is down to 19,480 VND/liter.

Oil prices tend to go up. Photo: Businessday

Retail price of gasoline today:

Aboveworld market, gasoline prices today continued to increase from yesterday.

Yesterday (April 28), world oil prices reversed and increased after 4 consecutive sessions of decline.

Data from Oilprice shows that at 10:36 a.m. on April 28 (Vietnam time), Brent crude oil was trading at $78.51 per barrel, up $0.14, or 0.16%, from the previous session. WTI crude oil was trading at $74.86 per barrel, up $0.1, or 0.13%, from the previous session.

At 8:24 p.m. on April 28 (Vietnam time), Brent crude oil price was at 79.08 USD/barrel, up 0.71 USD, equivalent to 0.91% compared to the previous session. Meanwhile, WTI oil price reached 75.16 USD/barrel, up 0.43 USD, equivalent to 0.54% compared to the previous session.

Crude oil prices rose amid mixed economic signs.

According to Reuters, US economic data released on April 27 showed that the country's spending on goods fell more than expected. US economic growth slowed in the first quarter of 2023, although the number of unemployment claims fell in the week ended April 22.

Adding to that, risk sentiment has spread beyond the banking sector following the failure of First Republic Bank.

Some economists say the recession could be deepening as U.S. first-quarter GDP data came in weaker than expected. In addition, the possibility of an interest rate hike next month also has a strong impact on oil prices.

Oil prices were also supported by a sharp decline in U.S. crude and fuel inventories. According to data from the American Petroleum Institute (API), U.S. crude inventories fell by about 6.1 million barrels in the week ending April 21. Meanwhile, analysts had expected a decrease of only about 1.5 million barrels.

Previously, fears of a global economic recession had pushed oil prices to a nosedive. Oil prices have now slipped below the $80/barrel mark.

Oil prices were also under pressure as investors worried about poor consumption prospects amid a weaker-than-expected recovery in Chinese demand.

Russian Deputy Prime Minister Alexander Novak said the oil market is in balance.

Speaking at a meeting of the Moscow Energy Institute's Board of Trustees on April 27, Novak said that the global oil market has reached a balance between supply and demand. Therefore, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) sees no need to continue cutting production as China's demand is lower than expected. However, OPEC+ can still adjust its production policy at any time if necessary.

Mr Novak said Russia had reached its oil production target this month after announcing a production cut of 500,000 barrels per day, or 5% of Russia's oil output, until the end of the year.

This month, OPEC+ announced a total production cut of 1.16 million barrels per day, pushing oil prices higher. But oil prices have fallen sharply due to concerns about an economic recession that will reduce demand.