Gasoline price today November 18: Turning to decline

World oil prices

At 6:00 a.m. on November 18, the price of WTI oil decreased by 1.68 USD, equivalent to 2.45%, to 67.02 USD/barrel. The price of Brent oil decreased by 1.52 USD, equivalent to 2.09%, to 71.04 USD/barrel.

Oil prices fell due to the strong impact of weak demand from China, the rising US dollar, positive US economic indicators and comments surrounding the US Central Bank's interest rate cut.

China reported a seventh straight monthly decline in refinery output, while U.S. retail sales rose in October, pointing to a strong start to the fourth quarter, dampening expectations that the Fed will cut interest rates in the final month of the year, according to Oilprice.

Oil prices fall. (Photo: Reuters).

In the middle of last week, US Federal Reserve Chairman Jerome Powell said that the growing economy, strong job market and inflation above the US Central Bank's 2% target are reasons why the Fed may be cautious about the pace and scope of future interest rate cuts.

Following the Fed chairman's comments, traders increased bets that the Fed will leave interest rates unchanged at its December meeting, pricing in a roughly 42% chance from about 14% last month. Traders also reduced expectations for the Fed to ease rate cuts by 2025.

Domestic gasoline prices

In the operating period on November 14, the price of E5 RON92 gasoline decreased by VND292/liter compared to the current base price, not higher than VND19,452/liter. The price of RON95 gasoline decreased by VND247/liter, not higher than VND20,607/liter.

Prices of all types of oil also decreased simultaneously. Of which, diesel price decreased by 344 VND/liter, not higher than 18,573 VND/liter. Kerosene price decreased by 306 VND/liter, not higher than 18,988 VND/liter and fuel oil price decreased by 385 VND/kg, not higher than 16,009 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance continued not to set aside or use the petrol price stabilization fund for any products.

Ngoc Vy

Source: https://vtcnews.vn/gasoline-price-drops-today-18-11-quay-dau-suy-giam-ar907975.html