Waiting for more impactful news.

Today, October 30th, gasoline and oil prices saw WTI crude oil increase by approximately 0.3%, while Brent crude oil remained "pegged" at $71.12 per barrel, awaiting further impactful news.

Today, October 30th, gasoline and oil prices show WTI crude oil rising by approximately 0.3%, while Brent crude oil remains 'pegged' at $71.12 per barrel, awaiting further impactful news. (Source: Oilprice)

At the close of trading on October 29, oil prices extended the previous day's decline, but the drop was relatively modest, a maximum of 30 cents, following reports that Israeli Prime Minister Benjamin Netanyahu would hold a meeting to seek a diplomatic solution to the conflict in Lebanon.

Brent crude oil prices fell 30 cents, or 0.4%, to $71.12 per barrel. WTI crude oil prices fell 17 cents, or 0.3%, to $67.21 per barrel.

Both benchmark oil prices have given up gains of more than $1 earlier in the session.

Reuters, citing Axios reporter Barak Ravid, reported that on the evening of October 29, the Israeli Prime Minister held a meeting with ministers and military and intelligence leaders to discuss negotiations aimed at finding a diplomatic solution to the conflict in Lebanon.

Meanwhile, declining oil demand from China, the world's largest crude oil importer, continues to be a drag on global oil consumption and prices.

According to BP CEO Murray Auchincloss, demand from China will return to normal growth levels after Chinese President Xi Jinping introduced new economic stimulus measures. Meanwhile, according to the CEO of Saudi Arabia's Saudi Aramco, the oil market is currently balanced and demand is expected to average 104.5 million barrels per day this year.

Commenting on the volatility of oil prices, Andrew Lipow, President of Lipow Oil Associates, said: "The market has managed a modest recovery, but continues to be pressured by weak demand from China and concerns about supply."

Regarding US gasoline and oil inventory data, the American Petroleum Institute reported on October 29th that crude oil inventories decreased by 573,000 barrels in the week ending October 25th. Similarly, gasoline inventories decreased by 282,000 barrels and distillate product inventories decreased by 1.46 million barrels.

In a recent Reuters poll, most economists believe the Federal Reserve will cut interest rates by another 25 basis points at its November 7 meeting and predict a further 0.25 percentage point reduction in December. In reality, lower interest rates reduce borrowing costs, thereby stimulating economic activity and boosting demand for oil.

The retail prices of gasoline and diesel in Vietnam on October 30th are as follows:

E5 RON 92 gasoline should not exceed 19,692 VND/liter.

RON 95-III gasoline should not exceed 20,894 VND/liter.

Diesel fuel prices should not exceed 18,057 VND/liter.

Kerosene should not exceed 18,570 VND/liter.

Fuel oil price should not exceed 16,229 VND/kg.

Domestic retail fuel prices were adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting on the afternoon of October 24th. E5 RON 92 gasoline decreased by 38 VND/liter, RON 95-III gasoline decreased by 68 VND/liter, diesel decreased by 264 VND/liter, and kerosene decreased by 57 VND/liter. Only mazut increased by 139 VND/kg. This marks the second consecutive price reduction for domestic gasoline.

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-3010-cho-them-cac-tin-tuc-tac-dong-291888.html