On the world market, crude oil prices were mixed in this morning’s session after rising more than 1.5% in the previous session to multi-year highs.

World petrol price today

The price of US WTI light sweet crude rose 0.13% to $79.03 per barrel at 7:15 am (Vietnam time) on October 6. While the price of Brent crude oil for December delivery fell 0.07% to $82.67/barrel.

World petrol price list updated at 7:15 on October 6, 2021

On October 4, OPEC+ agreed to abide by the agreement reached in July to increase production by 400,000 bpd per month until at least April 2022, phasing out the agreement to reduce output by 5.8. million bpd. Crude oil prices surged in Tuesday’s trade, with US WTI crude hitting its highest since 2014 and Brent crude hitting a three-year high, after OPEC+ compliance adhere to the previously achieved output plan, instead of increasing it further.

Closing the session, US WTI oil price increased by 1.7% to 78.93 USD/barrel. During the session, at one point, the price reached $ 79.48, the highest level in nearly 7 years. Brent crude futures rose 1.6 percent to $82.56 after hitting a three-year high at $83.13 earlier in the session.

Prices of both crude oils continued to gain momentum established on October 4, when each oil increased by more than 2%.

Phil Flynn, an analyst at Price Futures Group, said the market is realizing a shortage of supply in the next few months and OPEC seems satisfied with that situation.

Oil prices have surged more than 50% this year, adding to inflationary pressures that have fueled crude-consuming countries such as the US and India that they fear will miss their recovery from the COVID-19 pandemic.

Late last month, the OPEC+ Joint Technical Committee (JTC) projected a supply deficit of 1.1 million bpd this year, but could translate into a surplus of 1.4 million bpd next year.

Despite the pressure to increase production, OPEC+ is concerned that the 4th wave of global COVID-19 infections could affect the demand recovery, a source told Reuters before the October 4 talks.

Robert Yawger, director of futures at Mizuho Americas, said speculative buying has also boosted oil prices, but some technical indicators suggest the market may be headed for a tails too buy.

Investors will be looking at crude oil inventory data, scheduled for release on Wednesday, from the Energy Information Administration (EIA) for the next course of action.

A preliminary Reuters poll showed US crude and distillate stocks may have fallen last week.

Domestic petrol price today

On the afternoon of September 25, the Inter-Ministry of Industry and Trade – Finance adjusted gasoline prices. After making the setting up and spending for the use of the petrol and oil price stabilization fund, the selling prices of popular consumer petroleum products on the market are as follows:

The above prices officially take effect from 15h on September 25th.

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