Gasoline price today October 2: Rising

Gasoline prices today, October 2, WTI oil price increased by more than 1 USD, Brent oil price "anchored" at 73.56 USD/barrel.

Oil prices today, October 2, WTI oil price increased by more than 1 USD, Brent oil price "anchored" at 73.56 USD/barrel. (Source: Oilprice)

Oil prices jumped about 3% at the end of trading on October 1 after Iran fired a series of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's ally Hezbollah in Lebanon.

Brent crude rose $1.86, or 2.6%, to $73.56 a barrel. WTI crude rose $1.66, or 2.4%, to $69.83 a barrel. At one point during the session, both benchmarks were up more than 5%.

Clay Seigle, an independent political risk strategist, commented that Israel would not hesitate to expand its military attack to directly attack Iran, and Iranian oil facilities would likely be on the target list.

According to this strategist, an Israeli attack on Iran's oil production or export facilities could cause supply disruptions of up to more than 1 million barrels per day.

Meanwhile, in the Red Sea, Yemen's Iran-backed Houthi forces also claimed responsibility for attacking at least one of the two damaged ships off the port of Hodeidah.

“In the event of an escalation, attacks could target other oil producers in the Middle East, particularly Saudi Arabia, so there is a real concern that oil supplies could be affected,” said Tamas Varga, an analyst at PVM Brokerage and Consulting, part of TP ICAP.

Oil prices fell to a two-week low ahead of reports that Iran was planning a missile attack as the prospect of rising supply and slowing global demand outweighed concerns about escalating conflict in the Middle East and its impact on regional crude exports.

The OPEC+ Ministerial Council will meet today to assess the market. No policy changes are expected. OPEC+ is likely to increase production by 180,000 barrels per day per month from December.

U.S. crude inventories fell by 1.5 million barrels in the week ended September 27, less than analysts' expectations for a 2.1 million barrel decline, according to the American Petroleum Institute. While gasoline inventories rose by 900,000 barrels, distillate inventories continued to decline, falling by 2.7 million barrels.

Domestic retail prices of gasoline on October 2 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-210-bat-tang-288447.html