The US dollar rose to its highest level in four months, putting pressure on oil prices.

Today, November 13th, gasoline and oil prices, both Brent and WTI, remained "anchored" at the levels reached in the previous trading session. Oil prices were almost unchanged at the close of trading on November 12th. The strengthening US dollar put pressure on oil prices.

Today, November 13th, gasoline and oil prices remain unchanged, with both Brent and WTI crude oil prices pegged at the levels reached in the previous trading session. The strengthening US dollar is putting pressure on oil prices. (Source: Oilprice)

Oil prices remained at their lowest level in two weeks after falling about 5% in the previous two sessions, as investors reacted to news of OPEC cutting its demand growth forecast, a strong US dollar, and disappointment over China's latest stimulus plan.

Brent crude oil prices rose 6 cents, or 0.83%, to $71.89 per barrel. WTI crude oil prices increased 8 cents, or 0.12%, to $68.12 per barrel.

According to Reuters , the Organization of Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth in 2024 and also lowered its forecast for next year, marking the fourth consecutive downward revision by the group of producers.

OPEC said global oil demand will increase by 1.82 million barrels per day this year, down from its forecast of 1.93 million barrels per day last month. The organization also cut its estimate for global demand growth in 2025 from 1.64 million barrels per day to 1.54 million barrels per day.

Earlier this month, OPEC and its allies (OPEC+) decided to postpone plans to increase production in December amid falling prices.

Gaurav Sharma, an independent oil analyst in London, commented: "Chinese demand remains sluggish. Furthermore, OPEC's intervention in supply has not had the desired impact."

According to analysts, China's economic stimulus measures last weekend were not strong enough to boost economic growth, amid concerns that the US may impose import tariffs of up to 60% on goods exported from China when US President-elect Donald Trump officially takes office.

Putting pressure on oil prices during the session was the US dollar rising to its highest level in four months against a basket of currencies, as investors continued to flock to deals seen as benefiting from a Trump victory in the election. A stronger dollar makes oil more expensive in other countries, which could reduce demand.

European Central Bank policymakers say that the upcoming protectionist policies of the US administration will hinder global growth and that Europe must be better prepared.

The retail prices of gasoline and diesel in Vietnam on November 13th 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 prices increased by 336 VND/liter, and RON 95-III gasoline prices increased by 351 VND/liter. Oil prices rose more sharply, with diesel increasing 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-1311-dong-usd-tang-cao-nhat-trong-4-thang-gay-ap-luc-len-gia-dau-293579.html