World oil prices
At 6:00 AM on November 18th, WTI crude oil prices fell by $1.68, or 2.45%, to $67.02 per barrel. Brent crude oil prices fell by $1.52, or 2.09%, to $71.04 per barrel.
Oil prices fell, heavily influenced by weak demand from China, a stronger US dollar, positive US economic indicators, and comments surrounding interest rate cuts by the US Federal Reserve.
According to Oilprice, China has reported a decline in oil refining output for the seventh consecutive month. Meanwhile, US retail sales in October rose, indicating a strong start to the economy in the fourth quarter, lowering expectations that the Fed will cut interest rates in the final month of the year.
Oil prices are falling. (Photo: Reuters)
Last week, Federal Reserve Chairman Jerome Powell stated that the growing economy, a robust job market, and inflation above the central bank's 2% target are reasons why the Fed may be cautious about the pace and extent of future interest rate cuts.
Following comments from the Fed chairman, traders increased bets that the Fed will not change interest rates at its December meeting, pricing in a 42% probability compared to around 14% last month. Traders also lowered expectations for the Fed to ease interest rate cuts in 2025.
Domestic fuel prices
In the price adjustment on November 14th, the price of E5 RON92 gasoline decreased by 292 VND/liter compared to the current base price, not exceeding 19,452 VND/liter. The price of RON95 gasoline decreased by 247 VND/liter, not exceeding 20,607 VND/liter.
Prices of all types of fuel also decreased simultaneously. Specifically, diesel fuel decreased by 344 VND/liter, not exceeding 18,573 VND/liter. Kerosene decreased by 306 VND/liter, not exceeding 18,988 VND/liter, and fuel oil decreased by 385 VND/kg, not exceeding 16,009 VND/kg.
In this price adjustment period, the Ministry of Industry and Trade and the Ministry of Finance continue to neither allocate funds nor utilize the fuel price stabilization fund for these products.
Source: https://vtcnews.vn/gia-xang-dau-hom-nay-18-11-quay-dau-suy-giam-ar907975.html
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