The trend of increasing "coverage" of the world market

Today's gasoline prices, September 1, in the world market tend to increase due to increased demand and concerns about tight supply.

Giá xăng tại các trạm xăng dầu. (Nguồn: IMF)

Oil prices today, September 1: The upward trend 'covers' the world market. (Source: IMF)

Gasoline price today September 1

In the world market, gasoline prices today, September 1, tend to increase due to increased demand and concerns about tight supply.

Oil prices in the Asian market fell in the trading session on August 31, after China announced data showing that its manufacturing activity decreased for the fifth consecutive month.

Meanwhile, investors cautiously await the US personal consumption spending report, released later in the day, for guidance on the country's interest rate path.

This afternoon, at the Singapore electronic trading floor, the price of North Sea Brent crude oil for delivery in October 2023 (expiring on August 31) decreased by 9 US cents (0.1%) to 85.77 USD/barrel.

Brent crude for November 2023 delivery fell 10 cents, or 0.1%, to $85.14 a barrel. Meanwhile, light sweet crude for October 2023 delivery fell 6 cents, or 0.1%, to $81.57 a barrel.

At 8:22 p.m. on August 31 (Vietnam time), Brent crude oil price reached 86.73 USD/barrel, up 0.87 USD, equivalent to 1.01% compared to the previous session. WTI crude oil price was at 82.72 USD/barrel, up 1.09 USD, equivalent to 1.34% compared to the previous session.

The prospect of tighter US oil supplies supported prices in the previous session, but the rally was capped by concerns about demand, said Yeap Jun Rong, market strategist at IG.

“Overall, oil prices were dominated by mixed factors in this session, while cautious investor sentiment ahead of the US personal consumption expenditure (PCE) report, scheduled to be released later in the day, also put downward pressure on oil prices,” Mr. Yeap said.

PCE is the US Federal Reserve's preferred measure of inflation.

Meanwhile, the US government revised down its GDP growth to 2.1% in the second quarter, from 2.4% reported last month, and data released on August 30 showed that private sector wage growth slowed significantly in August 2023.

“The weak US economic data could be good news, as it reduces expectations for another Fed rate hike,” ANZ Research said.

Higher interest rates reduce demand for oil and put downward pressure on prices.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of August 21 of the Ministry of Finance and Industry and Trade. Accordingly, gasoline prices were adjusted up, oil prices decreased slightly.

Specifically, the price of E5 gasoline increased to 23,330 VND/liter. The price of RON95 gasoline increased to 24,600 VND/liter.

Meanwhile, diesel price decreased to 22,350 VND/liter. Kerosene price increased to 22,309 VND/liter. Fuel oil price increased to 17,981 VND/kg.

Retail price of gasoline today:

Item	Price from August 21 (unit: VND/liter)	Compared to the previous period
RON 95-III gasoline	24,600	+610
E5 RON 92-II gasoline	23,330	+ 510
Diesel	22,350	-70
Diesel	22,300	+420