Fuel prices continue their upward trend.

After falling to a two-week low on the morning of February 23rd, oil prices reversed course and began to rise from the evening of February 23rd (Vietnam time). Strong buying interest combined with concerns about supply contributed to the price increase.

By February 24th, oil prices continued to rise. Brent crude oil, which was at $80.28 per barrel on the morning of February 23rd, had surpassed $82 per barrel. WTI crude oil, which was at $74.05 per barrel on the morning of February 23rd, had also risen to over $75 per barrel.

According to data from Oilprice, at 6:57 PM on February 24th (Vietnam time), Brent crude oil futures for April delivery were trading at $82.58 per barrel, up $0.37, or 0.45%, from the previous session. WTI crude oil futures for March delivery were trading at $75.66 per barrel, up $0.27, or 0.36%, from the previous session.

Oil prices surged due to concerns about supply shortages (Photo: Getty Images)

According to analysts, oil prices continued their upward trend due to concerns about supply shortages, despite the strong rise in the USD and the increase in US oil inventories.

Oil prices rose after reports that Russia plans to cut its oil exports from western ports by up to 25% in March, exceeding the previously announced 500,000 barrels per day production cut.

Oil supply is becoming increasingly tight as major producers in the Organization of Petroleum Exporting Countries and its allies (OPEC+) plan to cut production. In October 2022, OPEC+ agreed to cut its oil production target by 2 million barrels per day from November 2022 through the end of 2023.

In addition, China's reopening is also supporting oil prices. According to Oilprice, analysts expect China's oil demand to increase, leading to record import volumes this year. Some energy consulting firms predict that China's oil imports could increase by 500,000 to 1 million barrels per day this year, reaching 11.8 million barrels per day.

However, oil prices also came under pressure after the US government released data showing that its crude oil inventories increased for the ninth consecutive week last week, raising concerns about demand.

The U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories rose by 7.6 million barrels in the week ending February 17, more than three times analysts' expectations.

Oil prices surged even as the US dollar showed no signs of cooling down. The Dollar Index remained pegged above 104 points.

In the domestic market, the selling prices of gasoline and diesel fuel today (February 25th) are applied according to the prices set in the February 21st price adjustment by the Ministry of Finance and the Ministry of Industry and Trade.

Accordingly, the price of E5 gasoline decreased by 320 VND/liter, to 22,540 VND/liter. The price of RON95 gasoline decreased by 320 VND/liter, to 23,440 VND/liter. The price of diesel decreased by 760 VND/liter, to 20,800 VND/liter.