Gasoline price today September 8: Increased after OPEC+ decision

On the morning of September 8, gasoline prices increased slightly by about 0.5%. At 7:30 a.m. (Vietnam time), US WTI crude oil was trading at 62.17 USD/barrel; global benchmark Brent crude oil was trading at 65.84 USD/barrel.

According to Reuters, one of the main factors putting pressure on oil prices is the result of the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC +) last weekend. The organization decided to increase oil production by 137,000 barrels/day from October. This is considered the next step in OPEC +'s strategy to restore market share, amid signs of weakening global oil demand.

Analysts said the OPEC+ decision marked a faster-than-expected rollback of the 1.65 million barrels per day of planned cuts, which were originally scheduled to last until the end of 2026. Meanwhile, US crude inventories rose by 2.4 million barrels last week, contrary to analysts' forecasts for a decline.

Domestic gasoline prices may decrease slightly this week. PHOTO: PHAM HUU

A senior analyst at the energy brokerage market told Reuters that OPEC+'s continued increase in oil production from next month shows that the group's primary goal is to expand its market share, not to support oil prices. Therefore, although the first session of the week increased, the above factors are creating pressure for oil prices to tend to decrease more.

Given the developments in world prices last week, some key traders believe that domestic gasoline prices are likely to decrease slightly in this week’s price adjustment session (Thursday afternoon, September 11). The above forecast may change depending on developments in the world market in the first two sessions of the week./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-892025-bat-tang-sau-quyet-dinh-cua-opec-185250908081232842.htm

Source: https://baolongan.vn/gasoline-price-today-08-9-bat-tang-sau-quyet-dinh-cua-opec--a202108.html