Philippine News Agency
Oil prices to rise anew next week
Oil prices are expected to increase next week, with diesel prices projected to rise by P0.80 to P1.00 per liter and gasoline by P0.40 to P0.60 per liter.
The rebound in crude and refined fuel prices is attributed to concerns over supply disruptions following intensified attacks between Russia and Ukraine on energy infrastructure.
Worries about new US sanctions on Russia and buyers of Russian crude oil are also restricting global supply flows.
Demand optimism, spurred by signals from the US Federal Reserve of possible interest rate cuts and a large drawdown in US crude and fuel inventories, further supported prices.
However, expectations of dropping US demand after the summer driving season and the prospect of rising supply as OPEC+ plans to increase September output are tempering further price gains.
The potential impact on supply flows and the global economy from new US tariffs on India adds further uncertainty to the market.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
