Gasoline price today August 24: Oil price recovers, ending the week up nearly 3%

Brent crude oil remained at $67.79/barrel, while WTI reached $63.77/barrel. Domestic gasoline prices today fluctuated in opposite directions, with gasoline rising while oil retreating.

World oil prices

On the morning of August 24, Brent crude oil price reached 67.79 USD/barrel, up slightly by 0.06 USD. WTI crude oil also increased to 63.77 USD/barrel, up 0.14 USD. For the whole week, Brent increased by 2.9% and WTI increased by 1.4%, marking the first week of increase after three consecutive weeks of decrease.

The gains came as U.S. crude inventories fell more than expected. The EIA said inventories fell 6 million barrels last week, much more than the 1.8 million barrel decline expected. This reflects strong U.S. energy demand.

Domestic gasoline prices

During the operating period on August 21, the Ministry of Industry and Trade and the Ministry of Finance increased gasoline prices. E5RON92 gasoline increased by 110 VND/liter to 19,464 VND/liter, RON95-III gasoline increased by 208 VND/liter to 20,092 VND/liter.

On the contrary, oil prices decreased. Diesel 0.05S decreased by 172 VND/liter to 17,905 VND/liter, kerosene decreased by 206 VND/liter to 17,814 VND/liter, and fuel oil decreased by 152 VND/kg to 15,116 VND/kg.

Fuel type	Adjustment level (VND)	New retail price (VND)
E5RON92 gasoline	+110	19,464 / liter
RON95-III gasoline	+208	20.092 / liter
Diesel oil 0.05S	-172	17.905 / liter
Oil	-206	17,814 / liter
Mazut oil 180CST 3.5S	-152	15,116 / kg

Geopolitical and economic factors

The Russia-Ukraine conflict continues to drag on, with ceasefire negotiations yet to yield results. This raises concerns about the risk of the US imposing further sanctions on Russia, thereby affecting global oil supplies.

On the other hand, economic data from Germany, which shrank 0.3% in the second quarter, limited the rise in oil prices. Investors also closely watched the Jackson Hole conference for signals on interest rate policy from the US Federal Reserve. Fed Chairman Jerome Powell said the possibility of a rate cut in September was still open.

The global oil market fluctuated last week due to both supply and demand factors and geopolitics. Domestically, gasoline prices edged up, while oil prices continued to be adjusted down, reflecting the mixed trends between fuel groups.

Source: https://baodanang.vn/gasoline-price-hom-nay-24-8-gasoline-price-recovered-by-3-week-3-3300253.html