Gasoline and oil prices today, November 22, 2024: World oil prices continue to rise by another 2% due to concerns about supply as the conflict between Russia and Ukraine escalates.
Gasoline and diesel prices today, November 22, 2024
According to Oilprice at 5:00 AM on November 22, 2024 (Vietnam time), WTI crude oil was priced at $70.09 per barrel, an increase of 1.95% (equivalent to an increase of $1.34 per barrel).
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| WTI oil prices on the world market early morning of November 22, 2024 (Vietnam time) |
Similarly, Brent crude oil prices stood at $74.22 per barrel, up 1.94% (equivalent to an increase of $1.41 per barrel).
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| Brent crude oil prices on the world market early morning of November 22, 2024 (Vietnam time) |
Oil prices rose nearly 2% today as tensions between Russia and Ukraine escalated rapidly after the two countries exchanged missile fire, raising market concerns about crude oil supply if the conflict spreads.
Russian President Vladimir Putin recently stated that Russia had launched a hypersonic medium-range ballistic missile at a Ukrainian military facility and warned the West that Moscow could attack military facilities of any country that possesses weapons against Russia.
Putin said the West is escalating the conflict in Ukraine by allowing Kyiv to attack Russia with long-range missiles and that the war is becoming a global conflict.
This week, Ukraine fired U.S. and British missiles at targets inside Russia despite warnings from Moscow that it would consider such actions a serious escalation.
Ole Hvalbye, a commodities analyst at SEB, said: " Market attention has now shifted to growing concerns about the escalation of the conflict in Ukraine ." Russia is the world's second-largest crude oil exporter after Saudi Arabia, so a major disruption could impact global supply.
" For oil, the risk lies in Ukraine targeting Russia's energy infrastructure, while another risk is the uncertainty about how Russia will respond to these attacks ," ING analysts said in a note.
The market was impacted by a 545,000-barrel increase in U.S. crude oil inventories to 430.3 million barrels in the week ending November 15, exceeding analysts' expectations. According to the Energy Information Agency data, gasoline inventories rose more than anticipated last week, while distillate inventories fell more than expected.
On Thursday, China announced policy measures aimed at boosting trade, including support for energy product imports, amid concerns over the threat of tariffs from US President-elect Donald Trump.
Three OPEC+ sources familiar with the discussions said OPEC+ may postpone increasing production when the group meets on December 1 due to weak global oil demand.
This group, which includes the Organization of Petroleum Exporting Countries and allies such as Russia, pumps about half of the world's oil. Initially, they planned to gradually reverse production cuts starting in late 2024 and continuing into 2025.
Meanwhile, Chicago Federal Reserve President Austan Goolsbee on Thursday reaffirmed his support for further interest rate cuts and his willingness to do so more slowly.
The slower-than-expected interest rate cuts are keeping borrowing costs high for the foreseeable future, which could slow economic activity and reduce demand for oil.
Domestic retail gasoline and diesel prices on November 22, 2024, are applied according to the adjustment made at 3 PM on November 14 by the Joint Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference compared to the previous period |
E5 RON 92 gasoline | 19,343 | -109 |
RON 95 gasoline | 20,528 | -79 |
Diesel | 18,509 | -64 |
Oil | 18,921 | -67 |
Fuel oil | 16,014 | +5 |
Specifically, the price of E5 RON 92 gasoline decreased by 109 VND/liter, to 19,343 VND/liter; RON 95 gasoline decreased by 79 VND/liter, to 20,528 VND/liter.
Diesel fuel 0.05S decreased by 64 VND/liter, to 18,509 VND/liter; kerosene decreased by 67 VND/liter, to 18,921 VND/liter. However, mazut 180CST 3.5S increased by 5 VND/kg, to 16,014 VND/kg.
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| Gasoline and diesel prices today, November 22, 2024. (Illustrative image) |
During this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not allocate or utilize the Fuel Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.
Thus, from the beginning of 2024 until now, domestic gasoline prices have undergone 46 adjustments, including 23 decreases, 18 increases, and 6 changes.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-22112024-gia-dau-tang-den-bao-gio-360205.html
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