Good increase when demand is expected to increase strongly
US oil inventories are on a downward trend. Besides, the Chinese epidemic situation has improved.
On the world market, the US WTI oil price increased by 1.18% to 110.92 USD/barrel at 6:34 am on May 18, Vietnam time. Brent crude oil price for July delivery also fell 1.26% to 112.80 USD/barrel.
Oil prices tend to increase when demand is showing signs of improvement. Data from the US Department of Energy showed stocks in the Strategic Petroleum Reserve fell to 538 million barrels, the lowest level since 1987.
Besides, China’s epidemic situation has also improved. On May 16, a Shanghai city official said the city aims to reopen and allow normal life for 25 million people from June 1, after declaring that 15 out of 16 The city’s district has no more infections outside the isolation area.
According to Bob Yawger, director of energy contracts at Mizuho, the market is seeing many signals that demand will start to return in that area, supporting prices higher.
Coupled with an unexpectedly sharp drop in industrial output in April, China’s crude oil processing fell 11%, with daily output at its lowest level since March 2020, according to Reuters.
Data from the US Department of Energy showed stocks in the Strategic Petroleum Reserve fell to 538 million barrels, the lowest level since 1987.
Crude oil prices keep rising
In the Vietnamese market, on the morning of May 18, the price of gasoline on the market was not higher than the price:
E5RON92 gasoline: not higher than 28,959 VND/liter
RON 95 gasoline is not higher than 29,988 VND/liter
Diesel oil not higher than 26,650 VND/liter
Kerosene not higher than 25,168 VND/liter
Fuel oil is not higher than 21,560 VND/kg.
According to Thu Trang (Vietnamese people)
at Blogtuan.info – Source: 24h.com.vn – Read the original article here