Gasoline prices continue to climb

After falling to a two-week low on the morning of February 23, oil prices have started to rise since the evening of February 23 (Vietnam time). Many bottom-fishing buyers and concerns about supply have contributed to supporting oil prices.

As of February 24, oil prices continued to rise. Brent crude oil prices rose from $80.28 per barrel on the morning of February 23 to over $82 per barrel. WTI crude oil prices rose from $74.05 per barrel on the morning of February 23 to over $75 per barrel.

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

Oil prices climb on supply shortage concerns (Photo: Getty Images)

According to analysts, oil prices continued to rise due to concerns about supply shortages despite the strong increase in the USD and increased US oil reserves.

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 cut.

Oil supplies are getting tighter as major producers in the Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to cut production. In October 2022, OPEC+ agreed to cut its oil output target by 2 million barrels per day from November 2022 until the end of 2023.

China’s reopening is also supporting oil prices. Analysts expect China’s oil demand to increase, leading to record imports this year, according to Oilprice. Some energy consulting firms believe China’s oil imports could increase by 500,000 barrels per day to 1 million barrels per day this year, reaching 11.8 million barrels per day.

However, oil prices were also under pressure after the US government released information showing that the country's crude oil inventories increased for the ninth consecutive week last week, raising concerns about demand.

The US Energy Information Administration said US crude oil inventories rose by 7.6 million barrels in the week to February 17, more than three times analysts' expectations.

Oil prices rose sharply even as the US dollar continued to strengthen. The Dollar Index remained above 104 points.

In the domestic market, the selling prices of gasoline and oil today (February 25) are applied according to the prices at the operating session on February 21 of the Ministry of Finance - Industry and Trade.

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