Gasoline price today August 29, 2024: Oil price decreased about 1%
Gasoline prices today August 29, 2024: Oil prices decreased by about 1%, Brent oil decreased by 90 cents, WTI oil decreased by 1.01 USD
World oil prices
Brent crude fell 0.90 cents, or 1.13%, to $78.65 a barrel. WTI crude also fell $1.01, or 1.34%, to $74.52 a barrel.
In the final trading session on August 28, oil prices fell about 1% due to an unexpected decrease in US crude oil inventories and a decline in Chinese oil demand.
Supply risks from the Middle East and Libya helped limit the decline in oil prices.
Earlier, oil prices fell more than 2% after rising 7% in the last two trading sessions of last week and the first session of this week.
Data from the US Energy Information Administration showed that US crude oil inventories fell by 846,000 barrels to 425.2 million barrels in the week ended August 23, less than the expected decrease of 2.3 million barrels.
Despite the decline in oil inventories, refinery runs rose to a six-week high. Matt Smith of Kpler commented that the smaller drawdown in crude inventories, while imports rose and exports fell, helped keep crude in check.
Concerns about China's oil demand continued to weigh on oil prices as the country's economy struggles and refinery demand falls.
Amarpreet Singh from Barclays commented that oil demand in China remains weak and there are no clear signs of recovery in the second half of the year.
Libya is facing the risk of a drop in oil production, which, coupled with rising tensions between Israel and Gaza, poses a major risk to the oil market and could prevent oil prices from falling.
Oil fields in Libya have been shut down, potentially affecting the country's oil production, which amounts to 1.2 million barrels per day.
According to analyst Giovanni Staunovo from UBS, the disruption of supply from Libya could make the oil market even tighter.
The conflict situation in the Middle East remains tense, with ceasefire talks in Cairo, Egypt making no progress.
Geopolitical risks could push up global crude oil prices, said Tim Snyder, chief economist at Matador Economics.
Domestic gasoline prices
On August 29, domestic retail gasoline prices were listed as follows:
E5 RON 92 gasoline: not exceeding VND 20,424 per liter.
RON 95-III gasoline: not exceeding VND 21,317 per liter.
Diesel: not exceeding VND 18,776 per liter.
Kerosene: not exceeding VND 19,149 per liter.
Fuel oil: not exceeding 15,756 VND per kg.
Gasoline prices may decrease due to the decrease in world market prices. Gasoline prices are expected to decrease by about 100-200 VND/liter, and oil prices by about 200-250 VND/liter (or kg). If the Ministry of Finance and the Ministry of Industry and Trade use the Price Stabilization Fund, the decrease may be less.
Retail gasoline prices will be adjusted this afternoon by the Ministry of Finance and Industry and Trade.
