WTI and Brent oil prices below $80/barrel

Oil prices continue to fluctuate strongly. Illustration photo: Oil and Gas Group

Specifically, Brent oil price increased by 0.59% to 79.82 USD/barrel. Similarly, US WTI oil price increased by 0.54% to 75.74 USD/barrel.

Brent oil price is trading at 79.83 USD/barrel. Photo: screenshot

Markets are less concerned about potential supply disruptions in the Middle East and are instead focused on easing the supply-demand balance, analysts said.

China increased its oil imports in October but its total exports of goods and services fell at a faster pace than expected, suggesting that the Chinese economy is not showing signs of recovery as expected, raising concerns that oil demand will weaken.

However, the Governor of the People's Bank of China recently said that the Chinese economy is expected to achieve its target of 5% gross domestic product growth this year.

In addition, investor sentiment is gradually stabilizing after the previous two sell-off sessions. This has a positive impact on the oil market.

In addition, the oil market is also optimistic thanks to the belief that major central banks around the world have completed raising interest rates. High interest rates increase borrowing costs, reducing demand in markets, including oil.

Next week, both OPEC and the International Energy Agency (IEA) will give their views on the underlying oil supply and demand situation.

Limiting oil’s gains, U.S. crude inventories rose by nearly 12 million barrels last week, according to data from the American Petroleum Institute on Nov. 7. If confirmed, that would be the largest increase since February.

However, the US Energy Information Administration (EIA) has delayed the release of weekly oil inventory data until November 15 to complete a system upgrade.

The retail price of gasoline in the country on November 10 is as follows: E5 RON 92 gasoline is not more than VND 22,614/liter; RON 95 gasoline is not more than VND 23,929/liter; diesel oil is not more than VND 21,940/liter; kerosene is not more than VND 22,305/liter; fuel oil is not more than VND 16,240/kg.

Source: https://laodong.vn/kinh-doanh/gia-dau-wti-dau-brent-duoi-moc-80-usdthung-1265380.ldo