Oil prices today November 2, 2024: World oil prices stabilized slightly as concerns about Iran and record US output put pressure on prices, but prices fell during the week.
Gasoline price today November 2, 2024
Recorded on Oilprice at 5:00 a.m. on November 2, 2024 (Vietnam time), WTI oil price was at 69.33 USD/barrel, up 0.33% (equivalent to an increase of 0.23 USD/barrel).
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| WTI oil price on the world market in the early morning of November 2, 2024 (Vietnam time) |
Similarly, Brent oil price was at 72.94 USD/barrel, up 0.4% (equivalent to an increase of 0.29 USD/barrel).
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| Brent oil price on the world market early morning November 2, 2024 (Vietnam time) |
Oil prices edged up on reports that Iran is preparing to retaliate against Israel from Iraq in the coming days, but record US output weighed on prices.
On Thursday, the US news website Axios reported that Israeli intelligence believes Iran is preparing to attack Israel from Iraq in the coming days, citing two unnamed Israeli sources.
“Any additional response from Iran is likely to remain limited, similar to Israel’s limited strike last weekend, thus being more of a show of force than an open invitation to war,” said SEB Research analyst Ole Hvalbye.
Iran and Israel have engaged in a series of tit-for-tat attacks in the broader Middle East war that began with the Gaza war. Previous Iranian airstrikes on Israel on October 1 and in April were largely repelled, causing only minor damage.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and was expected to produce about 4 million barrels of oil per day (bpd) in 2023, according to data from the US Energy Information Administration.
Iran is expected to export about 1.5 million barrels per day in 2024, up from an estimated 1.4 million barrels per day in 2023, according to analysts and US government reports.
Iran backs several groups currently fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen.
A US official has asked Lebanon to declare a unilateral ceasefire with Israel to revive stalled talks aimed at ending hostilities between Israel and Hezbollah, a senior Lebanese political source and a senior diplomat said - a claim denied by both sides.
Oil prices were also supported by expectations that OPEC+ may delay its planned December oil output increase by a month or more due to concerns about weak oil demand and rising supplies. A decision could come as early as next week.
OPEC+ includes OPEC and allies such as Russia and Kazakhstan.
As OPEC+ curbed production, US oil major Exxon Mobil said its global output hit an all-time high, while Chevron said US output hit a record high.
The U.S. Energy Information Administration (EIA) said this week that drillers pulled a record 13.5 million barrels of oil per day (bpd) from the ground. The EIA also said this week that August production hit a record 13.4 million bpd and said annual production is on track to hit a record 13.2 million bpd in 2024 and 13.5 million bpd in 2025.
Domestic retail gasoline prices on November 2, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 31 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,408 | -284 |
RON 95 gasoline | 20,503 | -391 |
Diesel | 18,148 | +91 |
Oil | 18,833 | +263 |
Fuel oil | 16,461 | +232 |
Specifically, the price of E5 RON 92 gasoline decreased by VND284/liter, down to VND19,408/liter; RON 95 gasoline decreased by VND391/liter, down to VND20,503/liter.
Diesel 0.05S price: Increased by 91 VND/liter, at 18,148 VND/liter; Kerosene increased by 263 VND/liter, at 18,833 VND/liter; Mazut 180CST 3.5S increased by 232 VND/kg, at 16,461 VND/kg.
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| Gasoline price today November 2, 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 43 adjustment sessions, including 21 decrease sessions, 17 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-2112024-on-dinh-356280.html
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