Gasoline prices today September 1: Decreased across the board

Both world benchmark oil prices fell in the morning trading session of the first week of the week. Domestic prices are expected to fluctuate up/down depending on the item this week.

On the morning of September 1, gasoline and oil prices decreased slightly. At 6:40 a.m. (Vietnam time), the price of US WTI crude oil fell 0.12%, trading at 63.93 USD/barrel; Brent crude oil, the global standard, also decreased by the same amount, trading at 67.39 USD/barrel.

According to analysts, the continued increase in production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) from today is creating downward pressure on prices in the market. Supporting this pressure is the cooling of crude oil demand in the US after the peak driving season.

World oil prices are expected to fluctuate this week (PHOTO: REUTERS)

However, on Reuters, the Chairman of the oil and gas consulting company Lipow Oil Associates commented that the increase in supply in the context of weakening demand; the new US tariff policy with some countries... could cause oil prices to face many fluctuations. In particular, the supply from OPEC is not large enough to have a strong impact on the US market, while the report on crude oil inventories in the US showed that the amount of oil withdrawn from storage was higher than expected, reflecting that industrial and transportation demand at the end of the summer is still strong.

In other developments, the EU has signed a major deal with the US to import $750 billion worth of liquefied natural gas, oil and nuclear fuel by 2028. The deal will help the EU reduce its dependence on Russian energy. The EU will continue to increase its purchases of US oil, natural gas and coal, with trade rising from around $75 billion in 2024 to $250 billion annually over the next three years. Eurostat data from the first quarter of this year shows that the US is already the EU's top oil supplier, accounting for 15% of imports by value, and the top source of LNG with a 50.7% market share.

Domestically, according to the updated reference price of finished petroleum products on the Singapore market as of this morning, domestic prices may fluctuate in opposite directions this week./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-192025-giam-dong-loat-185250901071216041.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-01-9-giam-dong-loat-a201733.html