Oil prices fluctuate according to the situation in the Middle East

Gasoline prices today, October 9, WTI oil prices increased slightly by 44 cents despite the shocking increase in oil inventories, Brent oil prices "anchored" at 77.18 USD/barrel.

Oil prices today, October 9, WTI oil prices increased slightly by 44 cents despite the shocking increase in oil inventories, Brent oil prices "anchored" at 77.18 USD/barrel. (Source: Reuters)

At the end of the trading session on October 8, oil prices suddenly dropped more than 4% after the market received information about the possibility of a ceasefire between Hezbollah and Israel.

Brent crude fell $3.75, or 4.63 percent, to $77.18 a barrel. WTI crude fell $3.57, or 4.63 percent, to $73.57 a barrel. At one point during the session, both benchmarks fell more than $4.

Commenting on the sudden plunge in oil prices, John Kilduff, partner at Again Capital LLC, said oil prices remain volatile depending on headlines.

Hezbollah's move toward a ceasefire is the kind of headline that people care about and there's a lot of ups and downs associated with this conflict, according to Phil Flynn, senior analyst at Price Futures Group.

Brent crude oil prices rose above $80 a barrel for the first time since August on October 7, after surging more than 3%. Last week, Brent crude prices rose more than 8% on growing concerns about a broader conflict in the Middle East.

Hezbollah has left open the possibility of ceasefire talks after Israeli forces raised tensions in the Middle East by carrying out new attacks in southern Lebanon, Reuters reported.

Oil prices have been rising steadily since Iran launched a series of missiles at Israel earlier this week, with Israel vowing to retaliate and weighing its options.

Some analysts said the possibility of an attack on Iran's oil infrastructure was unlikely and warned that oil prices could come under significant downward pressure if Israel focused on any other targets.

On the supply side, in the US, Hurricane Milton strengthened into a Category 5 storm as it headed towards Florida, forcing at least one oil rig in the Gulf of Mexico to shut down.

Data from the American Petroleum Institute showed that US crude inventories rose by 10.9 million barrels in the week ending October 4, more than five times the 1.95 million barrel increase forecast by analysts. In contrast to the increase in crude inventories, gasoline inventories and distillate inventories fell by 557,000 barrels and 2.59 million barrels, respectively.

Domestic retail prices of gasoline on October 9 are as follows:

E5 RON 92 gasoline is not more than 19,620 VND/liter.

RON 95-III gasoline is not more than 20,518 VND/liter.

Diesel oil not more than 17,506 VND/liter.

Kerosene not more than 17,873 VND/liter.

Fuel oil not exceeding 15,357 VND/kg.

The above domestic retail price of gasoline was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of October 3.

The price of E5 RON 92 gasoline decreased the most, by 770 VND/liter. Next was RON 95-III gasoline, down 715 VND/liter. Oil prices decreased less, with diesel down 105 VND/liter, kerosene down 222 VND/liter, and fuel oil down 354 VND/kg. Thus, after two consecutive price increases, gasoline prices have reversed and decreased.

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-910-gia-dau-bien-dong-theo-tinh-hinh-trung-dong-289384.html