Oil prices to go up this weekMANILA, Philippines — After three consecutive weeks of price rollback, local pump prices are expected to increase this week after the attack on two oil tankers in the Middle East. Unioil Petroleum Philippines said in its forecast that fuel prices are projected to increase next week. Global oil prices tumbled in the first half of the trading week due to the negative outlook for global oil demand caused by the ongoing trade wars involving the US, China and Mexico and the growing US oil inventory. However, oil prices surged towards the end of the week after two oil tankers in the Gulf of Oman were attacked, which stoked concerns about potential supply disruptions, Reuters reported. Last week, oil companies slashed gasoline prices by P1.70 per liter, diesel by P1.05 per liter and kerosene by P1.00 per liter.

Source: Philippine Star June 15, 2019 16:16 UTC