World oil prices
World oil prices lost more than 1% in the trading session on October 16, after US President Donald Trump announced that he and Russian President Vladimir Putin agreed to meet soon in Hungary to discuss ending the conflict in Ukraine. This information raised concerns about the instability of global energy supplies.
At the end of the trading session, Brent crude oil price decreased by 0.85 USD, equivalent to 1.37%, to 61.06 USD/barrel. WTI crude oil price decreased by 0.81 USD, equivalent to 1.39%, to 57.46 USD/barrel. This is the lowest closing level of both types of oil since May 5.
President Trump said he and his Russian counterpart agreed to meet in Budapest in the near future to discuss a solution to end the conflict in Ukraine, but the specific time has not been announced.
“ Geopolitical tensions between Russia, the US and Ukraine are showing signs of resurgence,” said Tim Snyder, an economist at Matador Economics, adding that some investors are starting to pull out of the market.

In addition, the US Energy Information Administration (EIA) said that the country's crude oil inventories increased by 3.5 million barrels last week, to 423.8 million barrels, much higher than the forecast of an increase of 288,000 barrels according to a Reuters survey.
“This report is somewhat unfavorable for the market, as crude inventories in the US increased sharply. Although the decrease in distillate products helped to balance the situation, oil consumption decreased significantly compared to the previous week,” said UBS analyst Giovanni Staunovo.
Meanwhile, investors are watching the possibility that India will stop importing oil from Russia, a move that could alter trade flows and boost demand from other sources.
President Trump said that Indian Prime Minister Narendra Modi has pledged that the country will stop buying oil from Russia.
“This is a positive signal for crude oil prices, because losing a major customer could put the Russian oil market in a difficult position,” said Tony Sycamore, market analyst at IG.

Indian refiners have begun planning to gradually reduce oil imports from Russia. However, the Indian government said its main objective remains to ensure stable energy prices and secure supplies, and did not comment directly on President Trump's remarks.
In Russia, oil product supplies have been severely affected by drone attacks from Ukraine. Many refineries have been forced to postpone planned maintenance to maintain domestic and export supplies. Recently, the Saratov refinery was attacked, while Rosneft’s Ufaneftekhim plant was partially shut down.
Experts say the decline in energy supplies from Russia will help world oil prices gain more support. According to PVM expert Tamas Varga, the lowest price of Brent oil this year at $58.4/barrel may be very difficult to break.
Domestic gasoline prices
Domestic retail prices of gasoline on October 17 are as follows:
- E5RON92 gasoline: No higher than 19,226 VND/liter |
The Ministry of Industry and Trade and the Ministry of Finance have just decided on the retail price of gasoline and oil from 3 p.m. on October 16. Accordingly, gasoline and oil prices will increase or decrease depending on each product. Specifically, the price of E5RON92 gasoline increased by 88 VND/liter, RON95-III gasoline increased by 174 VND/liter, diesel oil decreased by 181 VND/liter, kerosene decreased by 28 VND/liter, and fuel oil decreased by 437 VND/kg.
According to the joint ministries, the world oil market in this management period is affected by the following main factors: OPEC+ announced an increase in oil production in November but the increase was lower than expected; global oil demand tends to weaken; the military conflict between Russia and Ukraine continues, Ukraine continues to increase attacks on Russia's energy facilities... The above factors have caused world oil prices in recent days to fluctuate up and down depending on each product, but the downward trend is the main one.
Thus, since the beginning of the year, domestic gasoline prices have undergone 43 adjustments, of which RON95 gasoline has increased 24 times, decreased 19 times; diesel has increased 21 times, decreased 21 times and remained unchanged once.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-17-10-chim-trong-sac-do-5062022.html
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