Oil prices rise for second week

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    Oil prices are up for the second consecutive week effective today September 29 to reflect developments in the global crude market following the increase in United States’ crude and fuel inventories last week.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P48.35, diesel at P34.90 and kerosene at P35.66.

    Petron and Shell adjusted per liter prices by P0.20 of gasoline, P0.05 of diesel and P0.45 of kerosene.

    As of September 22, year-to-date adjustments on fuel prices summed up to a net decrease of P4.62 per liter for gasoline, P10.79 per liter for diesel and P14.84 per liter for kerosene.

    Reuters reported that as of Friday last week, Brent crude futures settled at $41.92 a barrel while US West Texas Intermediate crude futures ended at $40.25 a barrel.

    The Energy Information Administration announced American crude, gasoline and distillate inventories all fell during the third week of the month and helped global crude prices to recover.

    The Organization of the Petroleum Exporting Countries meanwhile plans to hold an extraordinary meeting in October if oil markets weaken further.

    Analysts said the increase could have been higher if not for the continuing surge in cases of coronavirus disease 2019 globally as it would affect demand for petroleum products. – J. Macapagal