Oil price increased sharply, surpassing the threshold of 110 USD/barrel

World oil price rebounded strongly from yesterday (4/5). Ending the session yesterday, the price of US light sweet crude (WTI) increased by 5.27% to 107.81 USD/barrel, while the price of Brent crude oil increased by 4.93% to 110.14 USD/barrel.

As of this morning (May 5), the world oil price continued to increase. According to data from Oilprice, at 10 am today (May 5, Vietnam time), the price of Brent crude oil for July delivery was trading at 110.5 USD/barrel, up 0.41 USD, equivalent to 0 USD. .37% compared to yesterday. At the same time, the price of WTI oil for June delivery was trading at 108 USD/barrel, up 0.23 USD, or 0.21% compared to yesterday.

Analysts said that the world oil price rebounded after the news that the European Commission (EU) proposed steps to implement a ban on oil imports from Russia. This raises concerns about a lack of supply in the energy market.

Under the plan, the EU will have six months to cut its dependence on Russia, from crude oil to refined petroleum products.

Russia’s oil production has fallen by about 1 million bpd since Russia attacked Ukraine on February 24, data research firm Kpler said. The official EU ban could reduce Russia’s oil production by another 1 million bpd compared to April.

Besides, the US Federal Reserve (Fed) has just decided to raise interest rates by 50 basis points to cope with inflation. This will negatively affect commodity markets, including oil.

In the domestic market, in the latest operating period yesterday (May 5), the Inter-Ministry of Industry and Trade – Finance decided to increase gasoline prices. Accordingly, each liter of RON 95 gasoline increased by 440 VND, to 28,430 VND; E5 RON 92 gasoline price increased by 330 VND, to 27,460 VND/liter.

Meanwhile, diesel oil price increased by 180 VND/liter, at 25,530 VND/liter; kerosene price remained unchanged compared to the previous adjustment period (23,820 VND/liter); fuel oil decreased by 240 dong per kg, to 21,560 dong.

Handsome

Oil prices dropped, losing the $100/barrel markWorld oil price today (April 25) dropped sharply, losing the milestone of USD 100/barrel due to concerns about reduced fuel demand in the context of slowing global economic growth and rising inflation.