Oil prices cool as US tries to prevent conflict with diplomacy

Oil prices will continue to fluctuate strongly according to developments in the Middle East. Illustration photo: Oil and Gas Group

Brent crude oil prices fell $2.33, or 2.5%, to $90.46 a barrel today. Similarly, US WTI crude oil prices fell $2.59, or 2.9%, to $86.14 a barrel.

Brent oil price is trading at 90.46 USD/barrel. Photo: screenshot

The European Union will call for a humanitarian ceasefire this week so aid can reach Palestinians in Gaza, Reuters reported.

In addition, French and Dutch leaders will visit Israel to seek a solution to the conflict that erupted after the Hamas attack.

Last week, in an effort to ease pressure on oil supplies that had tightened after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) cut production, the US decided to suspend sanctions on Venezuela.

With this move, experts expect Venezuela to be able to pump an additional 200,000-300,000 barrels of crude oil per day into the market, increasing production by about 25% next year.

However, analysts still warn that oil prices could rise again if geopolitical conflicts escalate. The Israel-Hamas peace summit on Gaza, organized by Egypt, ended without a solution to resolve the current tense situation.

Aside from geopolitical factors, oil prices are likely to fluctuate due to a series of important news this week. The focus will be on the US third quarter GDP growth data and the speeches of the Chairman of the US Federal Reserve (Fed) on October 26.

Domestically, yesterday afternoon, retail prices of gasoline and oil were adjusted up in the joint price management session of the Ministry of Finance and the Ministry of Industry and Trade. After the adjustment, gasoline prices increased by 460-470 VND/liter, and oil products increased by 70-380 VND/liter (kg).

Since the beginning of the year, gasoline prices have undergone 30 adjustments, including 17 increases, 9 decreases, and 4 unchanged.

The retail price of domestic gasoline on October 24 is as follows: E5 RON 92 gasoline is not more than VND 22,360/liter; RON 95 gasoline is not more than VND 23,510/liter; diesel oil is not more than VND 22,480/liter; kerosene is not more than VND 22,750/liter; fuel oil is not more than VND 16,610/kg.

Source: https://laodong.vn/kinh-doanh/gia-dau-ha-nhiet-khi-my-no-luc-ngan-chan-xung-dot-bang-ngoai-giao-1258300.ldo