Gasoline price today December 12: Turning to decline

World oil prices

At 6:00 a.m. on December 12, Brent crude fell 11 cents, or 0.15%, to $73.41 a barrel. WTI crude fell 27 cents, or 0.38%, to $70.02 a barrel.

The International Energy Agency (IEA) has slightly increased its demand outlook for next year (1.1 million barrels per day compared to 990,000 barrels per day last month) but still expects the oil market to be well supplied with a supply increase of 1.5 million barrels per day from countries outside the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its demand growth forecast for 2024 for the fifth consecutive month.

Even without a return to higher production quotas, the IEA said there would be a surplus of 950,000 barrels a day in 2025, or nearly 1% of global supply. This would rise to 1.4 million barrels a day if OPEC+ goes ahead with plans to begin unwinding the cuts as early as the second quarter of 2025. The increase in supply next year could make it harder for OPEC+ to gradually increase the amount it has been postponing since October amid falling prices.

U.S. gasoline and distillate inventories rose more than expected last week, the Energy Information Administration said, sending oil prices lower during the session.

In the United States, inflation rose slightly in November, in line with economists ' expectations. Investors generally expect the Fed to cut interest rates again, fueling optimism about economic growth and energy demand.

" The inflation report is a bit of a relief. It could have been better, but it still looks low enough for the Fed to cut rates at its next meeting ," said Bjarne Schieldrop, chief commodities analyst at SEB.

Domestic gasoline prices

In the operating period on December 12, the price of E5 RON92 gasoline decreased by 3 VND/liter, not higher than 19,861 VND/liter; conversely, the price of RON95 gasoline increased by 33 VND/liter, not higher than 20,596 VND/liter.

Meanwhile, the prices of all types of oil decreased. Diesel oil price decreased by 127 VND/liter, not higher than 18,255 VND/liter. Kerosene price decreased by 251 VND/liter, not higher than 18,566 VND/liter and fuel oil price decreased by 551 VND/kg, not higher than 15,574 VND/kg.

In this period, the executive agency continues not to set aside or use the gasoline price stabilization fund for all products.

Ngoc Vy

Source: https://vtcnews.vn/gasoline-price-decrease-to-date-12-12-quay-dau-suy-giam-ar913336.html