"Pocket" an additional 1%, the highest in 2 weeks.

Today, November 23rd, marks the end of the last trading session of the week (November 22nd), with oil prices gaining approximately 1%, reaching their highest level in two weeks.

Today, November 23rd, marks the end of the last trading session of the week (November 22nd), with oil prices gaining approximately 1%, reaching their highest level in two weeks. (Source: Reuters)

Brent crude oil prices rose 94 cents, or 1.3%, to $75.17 per barrel. WTI crude oil prices increased $1.14, or 1.6%, to $71.24 per barrel.

Both benchmark oil prices rose by about 6% this week, the biggest increase since November 7th. Oil prices surged as Moscow intensified its offensive in Ukraine after Britain and the US authorized Kyiv to use their missiles to strike deeper into Russian territory.

Saxo Bank analyst Ole Hansen commented: "The escalation of tensions between Russia and Ukraine has heightened geopolitical tensions, far exceeding the levels seen in the more than year-long conflict between Israel and Iranian-backed forces."

Russian President Vladimir Putin said Russia will continue testing its new Oreshnik hypersonic missile. Russia fired Oreshnik missiles at Ukraine after Ukraine used US ballistic missiles and British cruise missiles to attack Russia.

According to PVM analyst John Evans, what the market fears is the destruction of any oil, gas, and refining facilities, as this would not only cause long-term damage but also accelerate the cycle of conflict.

In a recent move, the US has imposed new sanctions on Russia's Gazprombank.

The Kremlin said the new US sanctions were an attempt by Washington to hinder Russian gas exports, but Moscow would find a solution.

Regarding demand, China, the world's largest oil importer, announced policy measures this week to boost trade, including support for energy product imports, amid concerns that the US will impose high tariffs on imports from China.

According to analysts, traders, and shipping data, China's crude oil imports are expected to rebound in November. Imports in India, the world's third-largest oil importer, also increased due to rising domestic consumption.

Putting pressure on oil prices during the November 22nd trading session was news that Eurozone business activity in November had worsened, with key services sectors declining and manufacturing sinking deeper into recession.

The US dollar rising to its highest level in two years against other currencies also limited the upward momentum of oil prices.

The retail prices of gasoline and diesel in Vietnam on November 23rd are as follows:

E5 RON 92 gasoline should not exceed 19,343 VND/liter.

RON 95-III gasoline should not exceed 20,528 VND/liter.

Diesel fuel prices should not exceed 18,509 VND/liter.

Kerosene price should not exceed 18,921 VND/liter.

Fuel oil price should not exceed 16,014 VND/kg.

The aforementioned domestic retail gasoline and diesel prices were adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting on the afternoon of November 21st. Due to the sharp drop in world gasoline and diesel prices last week but a slight recovery this week, domestic prices also continued their downward trend with a slight decrease. E5 RON 92 gasoline saw the largest decrease, at 109 VND/liter. RON 95-III gasoline decreased by 79 VND/liter, diesel decreased by 64 VND/liter, and kerosene decreased by 67 VND/liter. Only mazut increased by 5 VND/kg.

During this price adjustment period, the inter-ministerial committee did not allocate or utilize the Fuel Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel fuel, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-2311-bo-tui-them-khoang-1-cao-nhat-trong-2-tuan-294832.html