Gasoline price today August 8: Oil price increased by 2%, domestic gasoline price decreased for the 5th time?

World oil price on August 8, 2024

Recorded on Oilprice at 5:00 a.m. on August 8, 2024 (Vietnam time), WTI oil price was at 75.47 USD/barrel, up 2.77% (equivalent to an increase of 2.03 USD/barrel).

Similarly, Brent oil price was at 78.59 USD/barrel, up 2.76% (equivalent to an increase of 2.11 USD/barrel).

Oil prices rose more than 2% on Tuesday, recovering from multi-month lows after data showed a larger-than-expected drop in U.S. crude inventories, even as concerns about weak oil demand in China persisted.

Data showed U.S. crude inventories fell for a sixth straight week, falling 3.7 million barrels to 429.3 million barrels last week, more than analysts' expectations in a Reuters poll for a 700,000-barrel drop.

Phil Flynn of Price Futures Group said that oil demand is exceeding expectations and supplies are getting tight. Currently, crude oil supplies are below the seasonal average.

The latest report from the American Petroleum Institute on Tuesday unexpectedly showed an increase in crude oil and gasoline inventories.

Brent crude fell to its lowest level since early January and WTI crude fell to its lowest level since February on August 5, reflecting a global stock market slump and concerns about a U.S. recession following disappointing jobs data. However, both benchmarks recovered from three consecutive sessions of declines on August 6.

Tim Snyder from Matador Economics said the recovery after the August 5 shock was just a knee-jerk reaction and not a sign of a market crisis.

Oil output from Libya's Sharara field, which produces 300,000 barrels per day, has also fallen, raising concerns about an oil supply shortage.

Libya's National Oil Corporation declared a state of emergency at the Sharara oil field on August 7 and announced that it would gradually reduce production due to the impact of protests.

Tensions in the Middle East continue to raise supply concerns.

The Middle East region is on high alert for possible new attacks from Iran and its allies, following recent events involving the killing of senior leaders of Hamas and Hezbollah.

The tense situation in Gaza threatens to spill over into a larger war, affecting the entire Middle East region.

Houthi militants, believed to be linked to Iran, attacked a container ship in the Red Sea and two US destroyers in the Gulf of Aden, causing changes to oil shipping routes.

These attacks have forced oil tankers to find alternative, longer routes to avoid the risk.

Any escalation of conflict in the Middle East could disrupt oil supplies from the region, according to analyst Daniel Hynes from ANZ.

Trade data from China showed a decline in crude oil import demand, with daily imports in July hitting their lowest since September 2022, despite China being the world's top crude oil importer.

Domestic gasoline prices on August 8, 2024

Domestic retail gasoline prices on August 8, 2024 will be applied according to the adjustment session from 3:00 p.m. on August 1 by the Ministry of Finance - Ministry of Industry and Trade.

Specifically, the price of E5 RON 92 gasoline decreased by VND284/liter to VND21,616/liter; RON 95 gasoline decreased by VND281/liter to VND22,603/liter.

The price of 0.05S diesel oil decreased by 316 VND/liter, down to 19,878 VND/liter; Kerosene decreased by 231 VND/liter, down to 20,095 VND/liter; Madut oil 180CST 3.5S decreased by 292 VND/kg, down to 16,886 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.