World Oil‌ Prices Regain Momentum Ahead of Fed’s Policy Meeting

World oil prices have regained⁤ momentum, with Brent and WTI oil prices increasing slightly by approximately 30 cents at 5:30 a.m. ‍on September 16 (Vietnam time).

Oil Prices Record Modest Increase

Last ‍week, oil prices recorded a modest increase after three weeks of⁣ decline. ‌Brent​ oil increased by about 0.8%, ‌while WTI ⁢oil increased by about 1.4%.

Volatility in Oil Prices

Oil ​prices were⁤ volatile last week due to reports on ⁢oil demand and the progress of Hurricane Francine in the Gulf of‍ Mexico. Oil ​prices rose on concerns about a drop in offshore ‍US oil production due to the storm but later fell as ⁣production was restored after the storm.

Global Oil Demand Forecast

The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for world oil demand⁤ this​ year by 0.08 million barrels​ to an increase of⁤ 2.03 million⁤ barrels/day. However, the US Energy Information Administration (EIA) forecast ⁢that global oil demand will increase to a record level‌ this year, ​reaching an average of about 103.1 million barrels/day.

US Gasoline ⁣and Oil Inventories

Data from the EIA showed that US gasoline and oil inventories increased by 833,000 barrels and 2.3 million⁣ barrels, respectively, while ⁢inventories recorded a sharp decline in the previous week.

Outlook for Oil Prices

This week, ⁤all eyes will be on the US‌ Federal⁢ Reserve’s two-day policy meeting, starting on September 17.​ The market is expecting the Fed to cut interest⁤ rates sharply. Other ⁣important ​economic data, such as⁣ regional manufacturing data, housing market​ data, retail sales figures, and monetary‍ policy ⁢decisions by the Bank ​of England and​ the Bank of Japan, will also​ impact oil prices.

Domestic Gasoline Prices

Domestic retail prices of gasoline on September 16 are as follows:

• E5 RON 92 gasoline: not more than 18,890⁣ VND/liter
• RON 95-III gasoline:‍ not more than 19,635⁤ VND/liter
• Diesel oil:⁢ not more than 17,165‌ VND/liter
• Kerosene: not more than 17,790 VND/liter
• Fuel oil: not exceeding 14,467 VND/kg

The above domestic retail prices of gasoline ‌and oil will be adjusted by the Ministry of⁢ Finance and the Ministry of Industry​ and Trade in the price adjustment session on the afternoon ⁤of September 19. If the world oil⁢ prices decrease sharply in the coming trading sessions, domestic prices may⁢ extend the downward trend.

In the⁣ operating period‌ on September 12, the price of E5 RON ⁢92 gasoline decreased by VND 1,089/liter, RON‌ 95-III⁢ gasoline ‌decreased by VND 1,192/liter, diesel oil decreased‍ by​ VND 927/liter,⁤ kerosene decreased by VND 934/liter, and fuel oil decreased by​ VND 688/kg.