Oil prices fall 1% as US crude inventories rise sharply

Oil prices today October 24, 2024: World oil prices fell after data showed that US crude oil reserves increased more than expected.

Gasoline price today October 24, 2024

Recorded on Oilprice at 5:00 a.m. on October 24, 2024 (Vietnam time), WTI oil price was at 71.05 USD/barrel, up 0.40% (equivalent to an increase of 0.28 USD/barrel).

WTI oil price on the world market in the early morning of October 24, 2024 (Vietnam time)

In contrast, Brent oil price was at 75.16 USD/barrel, down 1.42% (equivalent to a decrease of 1.08 USD/barrel).

Brent oil price on the world market early morning October 24, 2024 (Vietnam time)

Oil prices fell on Wednesday after data showed U.S. crude inventories rose more than expected even as refining activity rebounded, although futures were still up about 2% this week as traders factored in ongoing conflict in the Middle East.

Brent crude futures closed at $74.96, down $1.08, or 1.42%. U.S. West Texas Intermediate crude futures closed down 97 cents, or 1.35%, at $70.77.

Oil prices fell more than 7% last week on concerns about Chinese demand and easing concerns about potential disruptions to Middle East supplies. Oil prices rose in the first two sessions of this week as buyers emerged.

The Energy Information Administration reported on Wednesday that U.S. crude oil inventories rose 5.5 million barrels to 426 million barrels in the week ended Oct. 18 , exceeding analysts' expectations in a Reuters poll for a 270,000-barrel increase.

" This week's large crude inventories are offsetting last week's decline. But a lot of that is due to a rebound in crude imports, largely due to the hurricane, " said Andrew Lipow, president of Lipow Oil Associates, referring to last week's decline due to lower imports and demand following Hurricane Milton.

Refining runs continued to rise as facilities wrapped up fall maintenance, generating a rise in gasoline output while distillates fell slightly last week, analysts said.

Also weighing on oil prices, the U.S. dollar index rose to its highest level since late July. A stronger dollar can reduce demand for dollar-priced oil from buyers using other currencies. The impact of crude stockpiling on prices was partly offset by persistent concerns about potential supply risks from conflict in the Middle East.

“ The market is still waiting for Israel’s response to Iran’s missile attack ,” ING analysts said, noting that there is still no outcome from US Secretary of State Antony Blinken’s latest visit to Israel.

Secretary of State Blinken pushed for a ceasefire between Israel and the militant groups Hamas and Hezbollah yesterday, but intense Israeli airstrikes on the Lebanese port city of Tyre have had no effect.

“ Market participants are pricing in a longer-lasting conflict in the Middle East, while a ceasefire is likely to hit a stalemate ,” said IG market strategist Yeap Jun Rong.

Domestic retail gasoline prices on October 24, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 17 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,730	-116
RON 95 gasoline	20,962	-99
Diesel	18,321	-179
Oil	18,627	-163
Fuel oil	16,090	+179

Specifically, the price of E5 RON 92 gasoline decreased by VND116/liter, down to VND19,730/liter; RON 95 gasoline decreased by VND99/liter, down to VND20,962/liter.

Diesel 0.05S price: Decreased by 179 VND/liter, down to 18,321 VND/liter; Kerosene decreased by 163 VND/liter, down to 18,627 VND/liter; Madut 180CST 3.5S increased by 179 VND/kg, at 16,090 VND/kg.

Gasoline price today October 24, 2024. Reference photo

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 41 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 5 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-24102024-gia-dau-giam-1-do-du-tru-dau-tho-cua-hoa-ky-tang-manh-354355.html