Today's oil prices, October 1, Brent oil prices "steadied" at $71.77/barrel, while WTI oil prices increased by 15 cents. At the end of the first trading session of the week (September 30), oil prices were almost flat. However, including the third quarter of this year, oil prices have decreased by 17%.
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| Oil prices today, October 1, Brent oil price 'steadied' at 71.77 USD/barrel, while WTI oil price increased by 15 cents. (Source: Oilprice) |
Brent crude for November delivery, which expires on September 30, fell 21 cents to $71.77 a barrel. Meanwhile, the December contract was more actively traded, rising 27 cents to $71.81 a barrel. In September alone, Brent fell 9%, its biggest monthly decline since November 2022, and its third consecutive monthly decline. For the third quarter, Brent fell 17%, its biggest quarterly loss in a year.
West Texas Intermediate (WTI) crude futures fell 1 cent to $68.17 a barrel. The U.S. benchmark fell 7% in September, its biggest monthly decline since October 2023, and was down 16% in the third quarter.
Oil prices were little changed in trading on September 30, according to Tim Snyder, an economist at Matador Economics, as the market weighed whether the Middle East conflict would spread.
Oil prices reacted weakly to Beijing’s announcement last week of monetary easing measures to boost economic growth in the world’s second-largest economy and top oil importer as it was unclear whether the measures would be enough to boost China’s weaker-than-expected demand this year.
Concerns about rising global crude supplies also weighed on prices in September. Last week, oil prices fell after reports that Saudi Arabia was preparing to abandon its unofficial crude price target of $100 a barrel as it prepares to increase production.
Saudi Arabia's decision to increase production in December will be a bearish factor for the oil market for weeks to come, said Jim Ritterbusch of energy consultancy Ritterbusch and Associates.
Data released by the National Bureau of Statistics of China on September 30 showed that in the final month of the third quarter of 2024, China's manufacturing activity declined for the fifth consecutive month and the service sector slowed significantly.
The prospect of a recovery in Libyan oil output also weighed on the market.
Domestic retail prices of gasoline on October 1 are as follows:
E5 RON 92 gasoline is not more than 19,620 VND/liter. RON 95-III gasoline is not more than 20,518 VND/liter. Diesel oil not more than 17,506 VND/liter. Kerosene not more than 17,873 VND/liter. Fuel oil not exceeding 15,357 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted up by the Ministry of Finance - Ministry of Industry and Trade in the price adjustment session on the afternoon of September 26. The price of E5 RON 92 gasoline increased by 679 VND/liter, RON 95-III gasoline increased by 756 VND/liter, diesel oil increased by 463 VND/liter, kerosene increased by 322 VND/liter, and fuel oil increased by 531 VND/kg. This is the second consecutive increase in gasoline prices.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-110-di-ngang-288324.html
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