Oil prices rose by more than 1% throughout the week.

Today, November 9th, marks the end of the week's final trading session, with oil prices falling by more than 2% as traders eased concerns about prolonged supply disruptions due to hurricanes along the US Gulf Coast, while China's latest economic stimulus packages failed to impress.

Oil prices today, November 9th, closed the final trading session of the week, with oil prices falling by more than 2% as traders became less concerned about prolonged supply disruptions. (Source: Reuters)

Brent crude oil prices fell 2.3%, or $1.76, to $73.87 per barrel. WTI crude oil prices fell 2.7%, or $1.98, to $70.35 per barrel.

According to Reuters , energy producers have temporarily halted production on more than 23% of oil output in the U.S. Gulf Coast region in preparation for Hurricane Rafael. However, the latest forecasts regarding its trajectory and intensity have reduced the risk Rafael poses to oil production.

Alex Hodes, an analyst at brokerage firm StoneX, said the threat of supply shortages due to Hurricane Rafael is subsiding.

Meanwhile, China's latest round of financial support, from the leading oil importer, has disappointed oil investors. UBS analyst Giovanni Staunovo noted that while the Chinese government announced a package to ease debt repayment constraints for local governments, these measures have not had a direct impact on demand.

The analyst speculated that some market participants had hoped for further stimulus from China, but the aforementioned decision weighed on oil prices at the start of trading.

Deflationary pressures on the Chinese economy have heavily impacted oil prices this year, with customs data showing that in October, the East Asian nation's crude oil imports fell for the sixth consecutive month compared to the same period last year.

The Federal Reserve's decision to cut interest rates by 0.25 percentage points on November 7th limited the gains during the session.

Despite the plunge in oil prices during the final trading session, prices still rose by more than 1% for the week. The main factor supporting the week's price surge was the expectation that US President-elect Donald Trump would tighten sanctions on Iran and Venezuela, which could reduce the global oil supply.

The retail prices of gasoline and diesel in Vietnam on November 9th are as follows:

E5 RON 92 gasoline should not exceed 19,744 VND/liter.

RON 95-III gasoline should not exceed 20,854 VND/liter.

Diesel fuel prices should not exceed 18,917 VND/liter.

Kerosene should not exceed 19,294 VND/liter.

Fuel oil price should not exceed 16,394 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 7th. Due to a hat-trick of increases in world gasoline and diesel prices in the last three trading sessions and extending the upward trend into the first two trading sessions of this week, domestic gasoline and diesel prices also followed suit, rising sharply. E5 RON 92 gasoline increased by 336 VND/liter, and RON 95-III gasoline increased by 351 VND/liter. Diesel prices increased even more significantly, rising by 769 VND/liter and kerosene by 461 VND/liter. Only mazut oil saw a decrease of 67 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-911-ca-tuan-gia-dau-van-tang-hon-1-293120.html