Oil price today December 2: Waiting for new signal from OPEC+, oil price drops

World oil prices

At 6:00 a.m. on December 2, WTI oil price decreased by 0.72 USD, equivalent to 1.05%, to 68 USD/barrel. Brent oil price decreased by 0.94 USD, equivalent to 1.29%, to 71.84 USD/barrel.

Oil prices fell as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) await news on output, scheduled to meet on December 5. After two postponements of production increases, OPEC+ may be considering price risks due to concerns about rising supply.

After two production hikes, OPEC+ must consider the risk of further weakness in oil prices as output from non-OPEC+ producers could lead to a crude surplus next year, said analyst Ole Hansen from Saxo Bank.

In its monthly report, OPEC said that global oil demand will increase by 1.82 million barrels per day in 2024. In addition, OPEC also lowered its forecast for global oil demand growth in 2025 to 1.54 million barrels per day.

Oil prices fall. (Photo: Fox Business).

Analysts also forecast WTI oil prices to average $70.69 per barrel in 2025.

This week, the market will pay attention to data on weekly jobless claims, non- farm payrolls report, manufacturing and service sector purchasing managers index (PMI), and preliminary consumer sentiment index of the University of Michigan, USA.

Domestic gasoline prices

In the operating period on November 28, the price of E5 RON92 gasoline increased by 497 VND/liter, not higher than 19,840 VND/liter. RON95 gasoline increased by 329 VND/liter, not higher than 20,857 VND/liter.

Diesel price increased by 268 VND/liter, not higher than 18,777 VND/liter. Kerosene increased by 221 VND/liter, not higher than 19,142 VND/liter and fuel oil price increased by 111 VND/kg, to 16,125 VND/kg.

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

Ngoc Vy

Source: https://vtcnews.vn/gasoline-price-today-2-12-cho-doi-tin-hieu-moi-cua-opec-dau-giam-giam-ar910828.html