Why is oil price down?

Oil prices today October 25, 2024: Oil prices fell about 1% in a volatile trading session due to news that the United States and Israel are trying to negotiate a ceasefire in Gaza.

Gasoline price today October 25, 2024

Recorded on Oilprice at 5:00 a.m. on October 25, 2024 (Vietnam time), WTI oil price was at 70.47 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 25, 2024 (Vietnam time)

In contrast, Brent oil price was at 74.54 USD/barrel, down 0.77% (equivalent to a decrease of 0.58 USD/barrel).

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

Oil prices fell about 1% today in a volatile trading session on news that the United States and Israel will try to restart talks on a possible ceasefire in Gaza.

Both benchmarks rose more than $1 a barrel in early trading on concerns that the ongoing conflict in the Middle East could disrupt oil supplies and on uncertainty ahead of the U.S. presidential election on Nov. 5. " The energy complex continues to be volatile as the Middle East risk premium rises and falls almost daily ," analysts at energy consultancy Ritterbusch and Associates said in a note.

Brent crude oil prices rose about 8% in the week ending October 4 after Iran fired missiles at Israel on October 1 on concerns that Israel would attack Iranian oil infrastructure. Oil prices fell about 8% in the week ending October 18 on reports that Israel would not attack energy infrastructure, easing concerns about supply disruptions.

Iran, a member of the Organization of the Petroleum Exporting Countries, produced about 4 million barrels of oil per day (bpd) in 2023, according to data from the U.S. Energy Information Administration. Iran is expected to export about 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.

Iran backs several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen. With the US presidential election approaching, which could change US oil and Middle East policy, the administration of President Joe Biden continues to push for peace between Israel and Hezbollah and Hamas.

"(Former President Donald) Trump is leading (Vice President Kamala) Harris based on current betting market data and Trump has proposed making the US a major oil supplier ," said OANDA senior market analyst Kelvin Wong, adding that such a move could depress prices. While the betting market puts Trump ahead, other polls show the outcome is too close to call.

Domestic retail gasoline prices on October 25, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 24 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,682	-38
RON 95 gasoline	20,894	-68
Diesel	18,057	-264
Oil	18,570	-57
Fuel oil	16,229	+139

Specifically, the price of E5 RON 92 gasoline decreased by 38 VND/liter, down to 19,692 VND/liter; RON 95 gasoline decreased by 68 VND/liter, down to 20,894 VND/liter.

Diesel 0.05S price: Decreased by 264 VND/liter, down to 18,057 VND/liter; Kerosene decreased by 57 VND/liter, down to 18,570 VND/liter; Mazut 180CST 3.5S increased by 139 VND/kg, at 16,229 VND/kg.

Gasoline price today October 25, 2024. Illustration 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 42 adjustment sessions, including 21 decrease sessions, 17 increase sessions and 5 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-25102024-gia-dau-giam-do-dau-354611.html