Gasoline price today August 15: World oil price decreased by 1%

Gasoline price today, world oil price August 15, 2024

Recorded on Oilprice at 5:00 a.m. on August 15, 2024 (Vietnam time), WTI oil price was at 77.22 USD/barrel, down 1.75% (equivalent to a decrease of 1.37 USD/barrel).

Similarly, Brent oil price was at 79.92 USD/barrel, down 0.95% (equivalent to a decrease of 0.77 USD/barrel).

World oil prices fell 1% today, August 15, after an unexpected increase in crude oil reserves in the United States and reduced concerns about a major conflict in the Middle East that could disrupt supplies.

The country's crude oil inventories rose by 1.4 million barrels, compared with expectations for a 2.2 million-barrel decline, marking the first increase after six straight weeks of declines, the U.S. Energy Information Administration reported.

"While the decline over the past six weeks has been notable, it has ended," said Robert Yawger, director of energy futures at Mizuho in New York. "The end of the decline will put a little pressure on oil prices."

Gasoline and other distillate inventories also fell more than expected. Data from the American Petroleum Institute released on Tuesday showed inventories fell by 5.21 million barrels last week.

U.S. consumer prices rose moderately in July, and the annual inflation rate fell below 3% for the first time since early 2021, boosting confidence that the Federal Reserve will likely cut interest rates next month.

Lower interest rates are likely to stimulate economic activity and increase demand for oil.

In the UK, consumer price inflation rose less than forecast in July, reinforcing expectations of an interest rate cut.

Libya's oil production has been cut by 115,000 barrels per day due to maintenance work on the oil pipeline from the Waha field to the Es Sider port, which is believed to be aimed at maintaining a minimum price for crude, according to information from the Waha oil company.

The International Energy Agency has revised down its oil demand growth forecast for 2025, due to the impact of China's economic slowdown.

The move comes after the Organization of the Petroleum Exporting Countries (OPEC) also cut its oil demand forecast for 2024 for the same reason.

China's recent weak economic indicators dampened confidence in the country's economic outlook in July, raising concerns about the economic health of the world's second-largest nation.

Globally, demand for jet fuel is falling due to a slowdown in consumer spending, affecting travel budgets, which could impact oil prices in the near term.

Iran has vowed to respond forcefully to the assassination of a Hamas leader late last month. Iranian officials have insisted that only a ceasefire in Gaza can prevent retaliation from Iran against Israel over the killing.

Although Israel has neither admitted nor denied involvement in the assassination, it is engaged in military operations in Gaza against Hamas, after the group launched attacks on Israel in October. Responding to the threat from Iran, the US Navy has deployed warships and submarines to the Middle East.

Dennis Kissler, senior vice president at BOK Financial, commented that geopolitical tensions have tightened supplies, which is reflected in current market prices.

Hung Cuong