0902 678 001
  An Phuc Mechanical Electrical Equipment Co., Ltd specializes in manufacturing Conduit & Fitting, Tray, Trunking, Ladder.
My account
Currency :
Product List

Petrol price today 7/8: World oil price highest in 9 weeks

Friday, 07/07/2023 GMT+7

Supply concerns and technical buying sent oil prices soaring to a nine-week high.

world oil pice 

At 6:30 am on July 8, WTI oil price traded at 73.86 USD/barrel, up 3.29 USD/barrel, while Brent oil traded at 78.47 USD/barrel, up 3.2 USD/barrel. ounce compared to the early hours of last morning. This is the highest close for Brent since May 1 and WTI since May 24. Both of these benchmarks have recorded gains of about 5% for the week.

 
World oil price movements in recent days.  (Chart: Oil Prices)

World oil price movements in recent days. (Chart: Oil Prices)

At the end of the last trading session of the week, oil prices rose sharply by about 3%, to the highest level in 9 weeks. Oil prices have climbed so quickly because of concerns about supply and technical buying, despite the possibility that further interest rate increases could slow economic growth and reduce oil demand.

Phil Flynn, analyst at Price Futures Group, commented that prices are on the upswing. "I think you're seeing some sort of 'under-buy' here...because a lot of people have bet on it ," Flynn said.

After two months of consolidating prices between $73-$77 a barrel, Brent has moved into technically overbought territory for the first time since mid-April.

“The rally from last week to now has been quite strong, supported by momentum as well as fresh cuts from Saudi Arabia and Russia, ” said Craig Erlam, senior market analyst at OANDA. .

 

The world's top two oil exporters Saudi Arabia and Russia announced new production cuts this week, bringing the total OPEC+ cuts to about 5 million bpd, or about 5% of oil demand. Global.

“The OPEC+ production cuts are expected to tighten the market, leading to a supply deficit in the second half of 2023, supporting higher oil prices,” said analysts at US financial services firm Morningstar . more” .

According to sources close to OPEC, the group is likely to maintain an optimistic view on oil demand growth next year. OPEC's forecast for 2024 is likely to be lower than the growth it projected for this year of 2.35 million bpd, or 2.4% of global demand.

 

Oil prices rebounded on supply concerns and technical buying.
 
 
 
 
 
 
 
 
 
 

Oil prices rebounded on supply concerns and technical buying.

Domestic petrol price

In the domestic market, the selling price of gasoline today is applied according to the price at the afternoon session of July 3 of the inter-Ministry of Finance - Industry and Trade. Accordingly, gasoline price decreased by 408 VND/liter compared to the current retail price, not higher than 20,470 VND/liter. RON95 gasoline price decreased by 587 VND/liter, not higher than 21,428 VND/liter.

Meanwhile, the price of diesel oil decreased by 5 dong/liter to 18,169 dong/liter. Kerosene price decreased by 30 VND/liter, not higher than 17,926 VND/liter and fuel oil price increased by 36 VND/kg, not higher than 14,623 VND/kg.

Since the beginning of the year, gasoline prices have undergone 19 adjustments, including 9 increases, 7 decreases and 3 times unchanged.

Cong hieu 
 
 
World oil price movements in recent days.  (Chart: Oil Prices)

World oil price movements in recent days. (Chart: Oil Prices)

At the end of the last trading session of the week, oil prices rose sharply by about 3%, to the highest level in 9 weeks. Oil prices have climbed so quickly because of concerns about supply and technical buying, despite the possibility that further interest rate increases could slow economic growth and reduce oil demand.

Phil Flynn, analyst at Price Futures Group, commented that prices are on the upswing. "I think you're seeing some sort of 'under-buy' here...because a lot of people have bet on it ," Flynn said.


Written : admin

Search date :

from      to      

Support Online
Sales
anphuc.vn
0902 678 001