Gasoline price today October 18, 2024: Slight increase

Gasoline price today October 18, 2024

Recorded on Oilprice at 5:00 a.m. on October 18, 2024 (Vietnam time), WTI oil price was at 70.82 USD/barrel, up 0.23% (equivalent to an increase of 0.16 USD/barrel).

WTI oil price on the world market in the early morning of October 18, 2024 (Vietnam time)

Similarly, Brent oil price was at 74.46 USD/barrel, down 0.31% (equivalent to a decrease of 0.23 USD/barrel).

Brent oil price on the world market early morning October 18, 2024 (Vietnam time)

Oil prices edged up on Tuesday, recovering from a two-week low after data showed a decline in U.S. crude and fuel inventories.

U.S. crude oil inventories fell 2.2 million barrels to 420.6 million barrels in the week ended Oct. 11, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel increase. Gasoline and distillate inventories also fell last week, the Energy Information Administration said.

“ That tells me performance is still improving ,” said Tim Snyder, chief economist at Matador Economics. “ The market is normalizing .”

Oil output in North Dakota, the third-largest producing state in the United States, fell by about 500,000 barrels in October after wildfires spread to key producing counties this month, a state regulator said.

The European Central Bank has cut interest rates for the third time this year, suggesting that inflation in the eurozone is now increasingly under control and the economic outlook has worsened.

That decision is expected to boost oil prices as it makes borrowing cheaper, potentially boosting demand.

But concerns that an Israeli retaliatory strike on Iran following its October 1 missile attack could disrupt oil supplies kept prices steady, despite continued uncertainty over the course of the Middle East conflict.

" The country's upcoming retaliatory measures against Iran remain unclear ," said John Evans of oil broker PVM.

Evans added that the Middle East will certainly provide enough reasons for oil prices to continue to fluctuate soon, and investors will also be preoccupied with a large amount of financial data today.

The dollar rose to an 11-week high on Tuesday, also offsetting some gains. A stronger U.S. currency could hurt demand for dollar-priced oil from buyers using other currencies.

Investors are also awaiting more details from China on broad plans announced on October 12 to revive the struggling economy, including efforts to shore up the struggling property market.

Domestic retail gasoline prices on October 18, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 17 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,730	-116
RON 95 gasoline	20,962	-99
Diesel	18,321	-179
Oil	18,627	-163
Fuel oil	16,090	+179

Specifically, the price of E5 RON 92 gasoline decreased by VND116/liter, down to VND19,730/liter; RON 95 gasoline decreased by VND99/liter, down to VND20,962/liter.

Diesel 0.05S price: Decreased by 179 VND/liter, down to 18,321 VND/liter; Kerosene decreased by 163 VND/liter, down to 18,627 VND/liter; Madut 180CST 3.5S increased by 179 VND/kg, at 16,090 VND/kg.

Gasoline price today October 18, 2024. Illustration photo

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 41 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 5 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-18102024-tang-nhe-353135.html