Oil prices rebounded

Asian oil prices rebounded on supply shortage concerns as the European Union (EU) is seeking support for a ban on Russian oil imports and gas flows from Russia to Europe through a single point. Important transit in Ukraine has been exhausted.

At 15:15, Vietnam time, North Sea Brent oil price increased by 2.86 USD (2.8 %) to 105.32 USD/barrel. While the price of US light sweet crude (WTI) increased by 2.53 USD (2.5%) and traded at 102.29 USD/barrel.

Last week, the EU proposed banning Russian oil imports. This will cause the market to tighten further and alter trade flows, analysts say. However, the plan to vote on this proposal was postponed due to Hungary’s staunch opposition.

Another factor that is also supporting oil prices is disruptions in gas shipments in Ukraine.

In 2022, oil prices surged as Russia launched a military campaign in Ukraine, raising supply concerns. North Sea Brent crude oil price hit its highest level since 2008 at $139/barrel in March.

Earlier this week, concerns about China’s growth prospects and US interest rate hikes sent oil prices lower.

In the domestic market, from 3 p.m. today (May 11), the Inter-Ministry of Industry and Trade – Finance will adjust gasoline prices periodically, touching the threshold of nearly 30,000 VND/liter.

In this adjustment period, the operator has made a deduction to set up the Petroleum Stabilization Fund for RON95 gasoline at 100 VND/liter; E5 gasoline is 100 VND/liter, DO oil is 100 VND/liter; kerosene does not set up the Petroleum Stabilization Fund.

After adjustment, the price of RON gasoline increased by 1,150 VND/liter, at 29,980 VND per liter; gasoline E5 RON 92 increased by 1,490 VND/liter, at 28,950 VND/liter; DO oil price increased by 1,120 VND/liter, at 26,650 VND/liter; kerosene increased from 23,820 VND/liter to 25,160 VND/liter, an increase of 1,340 VND/liter.

PV