Gasoline price today September 6: A week of decline

On the morning of September 6, gasoline prices fell sharply, Brent oil fell 1.49 USD, equivalent to 2.22% to 65.5 USD/barrel; while WTI oil lost 1.61 USD, equivalent to 2.54%, to 61.87 USD/barrel.

For the whole week, according to MarketWatch, WTI oil prices fell about 3.2%; global benchmark Brent oil lost about 2.6%.

Reuters reported that eight countries in the OPEC+ alliance (Organization of the Petroleum Exporting Countries and its allies) will discuss the possibility of increasing production at a meeting this weekend. Meanwhile, US crude oil inventories increased by 2.4 million barrels last week, contrary to analysts' forecasts of a decrease.

Analysts have described the market as facing a “perfect storm.” Oil prices have fallen since news that OPEC+ is likely to raise production from October, combined with a weak US jobs report, has further unsettled market sentiment.

World oil prices fell by around 3% for another week. PHOTO: REUTERS

OPEC+ accounts for about half of global oil production, so its actions have a major impact on prices and market sentiment. The group is starting to ease a second layer of production cuts, which amount to about 1.65 million barrels a day, or 1.6% of global oil demand. Notably, this comes more than a year earlier than originally planned.

According to Commerzbank analysts on Reuters, if the 8 OPEC+ countries agree to continue increasing production, this will create great pressure to cause oil prices to fall sharply. Currently, the risk of oversupply in the market is quite clear. However, the risk of disruption of oil supply from Russia can "save" oil prices. Recently, US President Donald Trump called on European leaders to stop buying oil from Russia. Analysts assess that any disruption in Russian oil exports can cause world oil prices to increase.

In another development, on September 5, the employment report released by the US Department of Labor showed that the number of non- agricultural jobs in the US increased by only 22,000 in August, much lower than the revised increase of 79,000 in July. Analysts pointed out that this could put pressure on the US Federal Reserve (Fed) to cut interest rates and is a "negative signal for the market".

Domestically, retail prices of petroleum products have just been adjusted up slightly. On the morning of September 6, the common retail prices of petroleum products on the market, as announced by the Ministry of Industry and Trade, were as follows: E5 RON92 gasoline is not higher than VND 19,851/liter; RON95-III gasoline is not higher than VND 20,439/liter; 0.05S diesel is not higher than VND 18,473/liter; kerosene is not higher than VND 18,314/liter, and 180CST 3.5S fuel oil is not higher than VND 15,376/kg.

With the sharp drop in world prices last week, domestic gasoline prices are forecast to decrease next week./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-692025-tuan-lao-doc-185250813085153664.htm

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