Oil prices regain momentum after OPEC report

Gasoline prices go up. Illustration photo: Oil and Gas Group

Specifically, Brent oil price increased by 1.09 USD, equivalent to 1.3%, to 82.65 USD/barrel. US WTI oil price also increased by 1.09 USD, equivalent to 1.4%, to 78.26 USD/barrel.

Brent oil price is trading at 82.65 USD/barrel. Photo: screenshot

According to Reuters, in its monthly report, OPEC said the fundamentals of the oil market remain strong and blamed the fall in oil prices on speculators.

OPEC raised its forecast for global oil demand growth in 2023 to 2.46 million barrels per day, up 20,000 barrels per day from its previous forecast. OPEC sees demand growing by 2.25 million barrels per day in 2024, unchanged from last month's forecast.

Craig Erlam, senior market analyst at OANDA, commented that OPEC's monthly oil market report appeared to push back demand concerns.

The report also cited overblown negative sentiment around Chinese demand, while raising its demand growth forecast for this year and keeping it unchanged for next year.

Oil prices were also raised today due to the US Treasury Department's report on restricting Russian oil exports.

On the world’s top oil importer, China, weak economic data last week raised concerns about slowing demand, with Chinese refiners ordering lower December supplies from Saudi Arabia, the world’s largest exporter.

Domestically, yesterday afternoon, the retail price of gasoline and oil was adjusted at the joint price management session of the Ministry of Finance - Industry and Trade. After the adjustment, the highest decrease in gasoline price was 399 VND/liter, the price of oil decreased in the range of 617 - 1,052 VND/liter (kg).

In this management period, the joint ministries decided not to set aside and not to use the Price Stabilization Fund for all petroleum products.

The retail prices of domestic gasoline on November 14 are as follows: E5 RON 92 gasoline is not more than VND 22,274/liter; RON 95 gasoline is not more than VND 23,530/liter; diesel oil is not more than VND 20,888/liter; kerosene is not more than VND 21,512/liter; fuel oil is not more than VND 15,623/kg.

Source: https://laodong.vn/kinh-doanh/gia-dau-lay-lai-da-tang-sau-bao-cao-cua-opec-1266950.ldo