Today's oil and gas prices, October 30, WTI oil prices increased by about 0.3%, while Brent oil prices remained "anchored" at 71.12 USD/barrel, waiting for more impactful news.
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| Oil prices today, October 30, WTI oil prices increased by about 0.3%, while Brent oil is still 'anchored' at 71.12 USD/barrel, waiting for more impactful news. (Source: Oilprice) |
Oil prices ended the trading session on October 29, extending the previous session's decline, but the decline was quite modest, up to 30 cents, after reports that Israeli Prime Minister Benjamin Netanyahu will hold a meeting to find a diplomatic solution to the conflict in Lebanon.
Brent crude fell 30 cents, or 0.4%, to $71.12 a barrel. WTI crude fell 17 cents, or 0.3%, to $67.21 a barrel.
Both benchmark oil futures gave up gains of more than $1 earlier in the session.
Reuters quoted Axios reporter Barak Ravid as saying that on the evening of October 29, the Israeli Prime Minister held a meeting with the country's ministers and military and intelligence leaders, about negotiations to find a diplomatic solution to the conflict in Lebanon.
Meanwhile, falling oil demand from China, the world's largest crude importer, remains a drag on global oil consumption and prices.
Demand from China will return to normal growth after Chinese President Xi Jinping introduced new economic stimulus measures, according to BP CEO Murray Auchincloss. Meanwhile, the CEO of Saudi Arabia's oil giant Saudi Aramco said the oil market is now balanced and demand is expected to average 104.5 million barrels per day this year.
Commenting on the oil price movement, Andrew Lipow, President of Lipow Oil Associates, said: The market has attempted a modest recovery, but continues to be pressured by weak demand from China and supply concerns.
Regarding US oil and gasoline inventory data, the American Petroleum Institute said on October 29 that oil inventories fell by 573,000 barrels in the week ending October 25. Similarly, gasoline inventories fell by 282,000 barrels and distillate inventories fell by 1.46 million barrels.
In a recent Reuters poll, most economists expect the US Federal Reserve to cut interest rates by another 25 basis points at its November 7 meeting and predict another 0.25 percentage point cut in December. In fact, lower interest rates will cut borrowing costs, thereby boosting economic activity and boosting demand for oil.
Domestic retail prices of gasoline on October 30 are as follows:
E5 RON 92 gasoline is not more than 19,692 VND/liter. RON 95-III gasoline is not more than 20,894 VND/liter. Diesel oil not more than 18,057 VND/liter. Kerosene not more than 18,570 VND/liter. Fuel oil not exceeding 16,229 VND/kg. |
The retail price of domestic gasoline and oil was adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session on the afternoon of October 24. The price of E5 RON 92 gasoline decreased by 38 VND/liter, RON 95-III gasoline decreased by 68 VND/liter, diesel oil decreased by 264 VND/liter, kerosene decreased by 57 VND/liter. Only mazut oil increased by 139 VND/kg. Thus, this is the second consecutive price reduction of domestic gasoline prices.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-3010-cho-them-cac-tin-tuc-tac-dong-291888.html
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