Gasoline price today August 29, 2024: Oil price decreased about 1%

World oil prices

Brent crude fell 0.90 cent, or 1.13%, to $78.65 a barrel. WTI crude also fell $1.01, or 1.34%, to $74.52 a barrel.

At the last trading session on August 28, oil prices fell about 1% due to US crude oil inventories falling below expectations and China's oil demand declining.

Supply risks from the Middle East and Libya helped limit the decline in oil prices.

Oil prices earlier 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 US crude inventories fell by 846,000 barrels to 425.2 million barrels in the week ended August 23, less than forecasts for a 2.3 million barrel decline.

Despite the decline in oil inventories, refinery runs rose to a six-week high. Matt Smith of Kpler commented that the smaller decline in crude inventories, while imports increased and exports decreased, helped keep crude in check.

Concerns about China's oil demand continued to weigh on oil prices as the country's economy struggled and refinery demand fell.

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.

Supply disruptions from Libya could make the oil market tighter, according to analyst Giovanni Staunovo from UBS.

The conflict situation in the Middle East remains tense, with ceasefire talks in Cairo, Egypt making no progress.

Tim Snyder, chief economist at Matador Economics, said geopolitical risks could push up global crude oil prices.

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 19,149 VND per liter.

Fuel oil: not exceeding 15,756 VND per kg.

Gasoline prices may fall due to falling prices on the world market. Gasoline prices are expected to fall 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 reduction may be less.

Retail gasoline prices will be adjusted this afternoon by the Ministry of Finance and Industry and Trade.