Oil price movements mixed

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    After last week’s brief rollback, oil prices are mixed on continuing worries of the new coronavirus variants, the slow rollout of vaccines as well as Saudi Arabia’s oil supply cuts and falling inventories in the US.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P53.82, diesel at P38.50 and kerosene at P43.88.

    Shell and Seaoil adjusted per liter prices upward by P0.25 of gasoline and downward by P0.25 of kerosene.

    Meanwhile, PTT moved prices of gasoline up by P0.25 per liter but all players did not implement any change in the price of diesel products.

    As of Jan. 26, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P2.15 per liter for gasoline, P1.55 per liter for diesel and P1.50 per liter for kerosene.

    Reuters reported that as of Friday last week, brent crude futures for March rose 44 cents to end at $55.97 a barrel while US West Texas Intermediate crude futures increased by 7 cents to settle at $52.36.

    The report said the price increase was mainly driven by Saudi Arabia’s decision to cut output by 1 million barrels per day this month until March and the 9.9 million barrel drawdown in US oil inventories during the third week of January.