Oil prices rise for 3rd week

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    Oil prices are up for the third straight week on weak US dollar and better import data from China.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P47.75, diesel at P37.55 and kerosene at P42.88.

    Shell and Seaoil adjusted per liter prices upward by P1 of gasoline, P1.05 of diesel and P0.95 of kerosene.

    PTT implemented a P1 per liter increase for gasoline and P1.05 per liter for diesel.

    As of Jan, 12, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P1.30 per liter for gasoline, P0.60 per liter for diesel and P0.65 per liter for kerosene.

    Reuters reported as of Thursday last week, Brent crude oil futures improved by 0.6 percent and settled at $56.42 a barrel while US West Texas Intermediate rose by 1.3 percent to end at $53.57 a barrel.

    The report said the increase is due the US central bank’s indication it will not raise interest rates anytime soon. The statement pulled down the dollar’s performance which made dollar-denominated oil cheaper for holders of foreign currencies.

    China reported its total crude oil imports improved by 7.3 percent in 2020 despite the pandemic also helped in the price growth of crude in the world market.

    However, analysts said the increase could have been higher if not for the announcements of governments across Europe for lockdowns as vaccinations are not yet expected to have a significant impact until the next few months. -J. Macapagal