Gasoline prices today September 20, 2024: All increased by more than 1%
Oil prices today September 20, 2024: Global crude oil reserves are decreasing, causing world oil prices to regain momentum and increase by more than 1%
World oil prices
As of 6:48 a.m. this morning, Vietnam time, WTI crude oil price reached 71.078 USD/barrel, up slightly 0.24%, while Brent oil reached 74.793 USD/barrel, up 1.55%.
Compared to the previous month, WTI crude oil prices decreased by 1.7% and Brent crude oil decreased by 3.18%. Compared to the previous year, WTI and Brent crude oil prices decreased by 18.58% and 17.96%, respectively.
Brent crude oil prices rose to their highest level in more than two weeks, driven by rising global energy demand and higher hedging risks from tensions in the Middle East.
The US Federal Reserve (Fed) has cut interest rates by 50 basis points, supporting fuel consumption in the US and other major economies, while allowing the People's Bank of China (PBoC) to reduce borrowing costs and support oil import demand.
Recent reports from Lebanon suggest that rising tensions could lead to military conflict in the region, especially after warnings from Israel’s defense minister. Markets are also closely watching the possibility of OPEC+ increasing oil supply.
Analysts from UBS report that the reduction in global crude oil inventories could boost oil prices, potentially bringing Brent crude back above $80/barrel in the near future.
US government data shows that the country's crude oil inventories have fallen to their lowest level in a year.
US oil inventories could continue to fall as exports are expected to rebound following disruptions caused by Hurricane Francine, according to experts from Macquarie.
Alex Hodes, an analyst at StoneX, said weak oil demand from China is slowing the rise in oil prices.
China's oil refining output fell for a fifth straight month, and industrial output and retail sales growth also slowed, the National Bureau of Statistics reported.
Domestic gasoline prices today
From 3:00 p.m. on September 19, 2024, domestic retail gasoline prices have been adjusted.
- Retail price of E5 RON 92 gasoline is no more than 18,941 VND/liter
- Retail price of RON95-III gasoline is not more than 19,762 VND/liter.
- Retail diesel price is not more than 17,043 VND/liter.
- Retail price of kerosene is not more than 17,551 VND/liter.
- Fuel oil price is not more than 14,826 VND/kg.
During this operating period, the Ministry of Industry and Trade and the Ministry of Finance decided not to use the Price Stabilization Fund for E5RON92, RON95 gasoline and other types of oil.
World oil prices from September 12 to September 18, 2024 fluctuate due to many factors such as US interest rate policy, storms in the Gulf of Mexico, low oil demand in China, and the Russia-Ukraine conflict.
Since the beginning of 2024, domestic gasoline prices have been adjusted 37 times, with 19 price decreases, 15 price increases and 4 inconsistent adjustments.