Oscillates within a narrow range

Today, October 11th, gasoline and oil prices have fluctuated within a narrow range for a week, despite volatile news surrounding Donald Trump's re-election as US President and Hurricane Rafael's landfall in the Gulf of Mexico.

Oil prices fluctuated within a narrow range this week despite volatile news surrounding Donald Trump's re-election as US President and Hurricane Rafael's landfall in the Gulf of Mexico. (Source: Oilprice)

In the first trading session of the week, oil prices rose nearly 3%, supported by the decision of the Organization of Petroleum Exporting Countries and its allies (OPEC+) to postpone their planned production increase in December. Accordingly, OPEC+ will maintain its production cuts of 2.2 million barrels per day for the final month of the year.

Oil prices continued their upward trend for a second consecutive session, rising by approximately 50 cents. Factors supporting oil prices during the session included the possibility of reduced U.S. Gulf Coast production due to hurricanes and a weaker U.S. dollar ahead of the U.S. presidential election.

However, as investors weighed the strengthening US dollar against the possibility that US President-elect Donald Trump's foreign policy plans could reduce global oil supply, oil prices slipped, turning slightly lower in Tuesday's trading session.

Despite rising US gasoline and oil inventories, oil prices quickly regained momentum in Wednesday's trading session, gaining approximately 1%, narrowing the losses from the previous session. The market is still considering whether President-elect Donald Trump will tighten sanctions on Iran and Venezuela, as such tightening could reduce oil supply. Meanwhile, oil drilling companies have been forced to cut production in the Gulf of Mexico, stepping up preparations for Hurricane Rafael.

Another factor supporting prices is the Federal Reserve's decision to cut interest rates by another 25 basis points. Interest rate cuts typically boost economic activity and energy demand.

Hurricane Rafael's change of trajectory and weakening helped ease concerns about prolonged supply disruptions along the U.S. Gulf Coast. Additionally, China's latest unimpressive economic stimulus packages pushed oil prices down more than 2% in the final trading session of the week.

With three sessions of gains and two sessions of losses, oil prices rose by more than 1% this week, with Brent crude closing at $73.87 per barrel and WTI crude closing at $70.35 per barrel.

Thus, oil prices recorded a weekly gain this week, recovering about one-third of last week's losses.

The retail prices of gasoline and diesel in Vietnam on November 10th are as follows:

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 the hat-trick of increases in world gasoline and diesel prices in the last three trading sessions and the extension of the upward trend into the first two trading sessions of this week, domestic gasoline and diesel prices also followed suit and surged.

E5 RON 92 gasoline price increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter. Oil prices increased more sharply with diesel increasing by 769 VND/liter, kerosene increasing by 461 VND/liter. Only mazut oil recorded 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-1110-dao-dong-trong-bien-do-hep-293259.html