Oil price plunged more than 2%, slipping below $80/barrel

Specifically, Brent oil price decreased by 1.85 USD, equivalent to 2.5%, to 78.81 USD/barrel, while US WTI oil price decreased by 2.03 USD, equivalent to 2.7%, to 73.82 USD/barrel.

Brent crude oil prices are trading at — Brent oil price is trading at 78.81 USD/barrel. Photo: screenshot

Oil prices fell sharply today after the market speculated that Israel had agreed to a ceasefire proposal in Gaza. However, a Qatari official told Reuters that Hamas had received the ceasefire proposal positively but had not yet responded.

Tensions in the Middle East have recently pushed oil prices higher. Houthi attacks on ships in the Red Sea continue, raising costs and disrupting global oil trade. The Houthis say they will continue to attack US and British warships in self-defense.

Meanwhile, British oil and gas group BP Plc said on February 1 that it was in the process of closing its Whiting refinery in Indiana with a capacity of 435,000 barrels per day after a power outage.

Limiting the decline in oil prices was the information from the Chairman of the US Federal Reserve (Fed) Jerome Powell said that interest rates have peaked and will decrease in the coming months as inflation continues to decline, economic growth and employment stabilize. Lower interest rates and economic growth boost oil demand.

OPEC oil output in January recorded its biggest monthly decline since July 2023 due to new voluntary production cuts by some members and reduced output in Libya, according to a recent survey by Reuters news agency.

The survey results showed that OPEC pumped 26.33 million barrels per day in January, down 410,000 barrels per day compared to December 2023.

Domestically, yesterday afternoon, the Ministry of Finance and the Ministry of Industry and Trade adjusted gasoline prices periodically. Accordingly, the price of RON 95-III oil increased the most, by 753 VND/liter. The price of kerosene increased the least, by 379 VND/liter.

In this operating period, the joint ministries set aside a price stabilization fund for fuel oil at 300 VND/kg, and did not set aside or spend the stabilization fund for the remaining types of gasoline. This is the fourth consecutive price increase of gasoline since the beginning of the year.

The retail prices of domestic gasoline on February 2 are as follows: E5 RON 92 gasoline is not more than VND22,913/liter; RON 95-III gasoline is not more than VND24,160/liter; diesel oil is not more than VND20,999/liter; kerosene is not more than VND20,923/liter; mazut oil is not more than VND16,087/kg.

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