Gasoline price today September 8, 2024: Oil price drops 20% in 12 months
Oil prices today September 8, 2024: World oil prices fell 20% in 12 months. During the week, Brent fell 10%, while WTI fell about 8%.
World oil price today September 8, 2024
At 5:30 a.m. on September 8, 2024, Brent crude oil price fell $1.63 to $71.06 per barrel, the lowest level since December 2021. WTI oil index fell $1.48 to $67.67 per barrel, the lowest level since June 2023.
For the week, Brent fell 10%, while WTI fell about 8%.
International crude oil prices have fallen sharply, down nearly 20% in the past 12 months due to the supply-demand imbalance in the market, even as OPEC+ is eyeing price stability.
Brent and WTI crude prices posted their biggest falls so far this year following mixed US jobs data and a potential solution to the Libyan crisis.
Oil prices fell 2% on Friday, posting a big weekly loss after weaker-than-expected U.S. jobs data for August reduced price support from a delay in supply increases by OPEC+ producers.
US government data showed jobs increased less than expected in August, but the unemployment rate fell to 4.2%, suggesting an orderly slowdown in the labor market may not require a big interest rate cut from the Federal Reserve this month.
"The jobs report was a little weak and implies that the US economy is slowing down," said Bob Yawger, managing director of energy futures at Mizuho.
Concerns around Chinese demand also continue to put pressure on oil prices, Yawger said.
Domestic gasoline prices today September 8, 2024
From 3:00 p.m. on September 5, fuel prices have been adjusted as follows:
- E5RON92 gasoline decreased by 353 VND, new price not exceeding 19,979 VND/liter.
- RON95-III gasoline decreased by 282 VND, new price not exceeding 20,827 VND/liter.
- Diesel 0.05S decreased by 385 VND, new price not exceeding 18,092 VND/liter.
- Kerosene decreased by 341 VND, new price not exceeding 18,724 VND/liter.
- Mazut oil 180CST 3.5S decreased by 407 VND, new price not exceeding 15,155 VND/kg.
During this operating period, there was no provision or expenditure from the Petroleum Price Stabilization Fund for fuel products.
World fuel prices have been volatile recently due to many factors: Expected oil supply from Libya and OPEC+ countries to increase. China's oil demand remains low. The conflict between Russia and Ukraine is still ongoing.
Despite the ups and downs, the general trend is downwards.
