Gasoline price today September 4, 2024: World oil price drops sharply
Oil prices today September 4, 2024: World oil prices fell sharply by nearly 5% as Libya showed signs of reaching an agreement to resolve the dispute.
World oil prices
According to Oilprice, at 5:30 a.m. on September 4, 2024, the price of WTI oil was $70.22/barrel, down 4.36%; the price of Brent oil was $73.30/barrel, down 4.90%. This decrease reflects expectations of an agreement in Libya that could restore oil production and exports.
Last week, Brent crude oil prices fell slightly by 0.3%, while WTI crude oil prices fell by 1.7%.
Libyan lawmakers have agreed to name a new governor for the central bank within 30 days following UN-backed talks.
Political tensions in Libya continue as oil exports are suspended and production falls amid a dispute over control of the central bank and oil revenues. Saxo Bank analyst Ole Hansen said the news of a deal had triggered a sell-off in the market.
Libya's National Oil Corporation (NOC) has declared a state of emergency at the El Feel oil field starting September 2.
Oil production has fallen dramatically, to just 591,000 barrels per day on August 28, down from 959,000 barrels per day on August 26. This is a huge drop from 1.28 million barrels per day on July 20.
Oil prices fell on concerns that demand will continue to fall, partly due to slowing economic growth in China, the world's largest oil importer.
Charalampos Pissouros, an investment analyst at XM, said that China's weak manufacturing PMI could add to concerns about the country's economic situation.
China reported its first fall in export orders in eight months in July. New home prices in China rose at their slowest pace this year in August.
Fawad Razaqzada, an analyst at Forex, said that oil prices will not increase as expected in the summer of 2024 in the United States. Gasoline prices in the United States are expected to fall 6%, the lowest since December 2021, due to the end of the summer driving season.
The new data does not indicate a surge in oil import demand in China, Europe or North America. OPEC+ plans to increase oil production by 180,000 barrels per day in October.
Two oil tankers were attacked in the Red Sea near Yemen on September 3, but caused no major damage and had no impact on oil prices.
Domestic gasoline prices
From 3:00 p.m. on August 29, domestic retail gasoline prices have been adjusted.
The price of E5 RON 92 gasoline has dropped to VND20,332 per liter. The price of RON 95 gasoline has also decreased, currently VND21,109 per liter.
Diesel 0.05S price has decreased, now only 18,477 VND per liter. Kerosene has decreased slightly, the new price is 19,065 VND per liter. Madut 180CST 3.5S has decreased to 15,562 VND per kg.
During this operating period, there was no provision or expenditure from the Petroleum Price Stabilization Fund for gasoline and oil.
This is the 44th consecutive time, since October 2023, that the price stabilization fund has not been used to adjust gasoline prices.
Since the beginning of the year, gasoline prices have increased 17 times and decreased 17 times, while oil prices have increased 15 times and decreased 18 times.