Gasoline price today October 22, 2024
Recorded on Oilprice at 5:00 a.m. on October 22, 2024 (Vietnam time), WTI oil price was at 70.3 USD/barrel, up 1.94% (equivalent to an increase of 1.34 USD/barrel).
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| WTI oil price on the world market in the early morning of October 22, 2024 (Vietnam time) |
Similarly, Brent oil price was at 74.13 USD/barrel, up 1.49% (equivalent to an increase of 1.09 USD/barrel).
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| Brent oil price on the world market early morning October 22, 2024 (Vietnam time) |
Oil prices rose nearly 2% on Tuesday, recovering some of last week's more than 7% drop, as continued fighting in the Middle East and expectations of Israeli retaliation against Iran raised market concerns about supplies from the region.
Last week, Brent crude fell more than 7%, while WTI crude fell about 8%, the biggest weekly decline for the contracts since September 2, as slowing economic growth in China and falling risk premiums in the Middle East weighed on prices.
Israeli forces surrounded hospitals and shelters for displaced people in the northern Gaza Strip on Monday, medical workers said, as they stepped up operations against Palestinian militants. Israel also carried out targeted strikes on sites belonging to Hezbollah’s financial arm in Lebanon.
The US State Department said Secretary of State Antony Blinken will continue to push for a ceasefire when he travels to the Middle East on Tuesday, seeking to launch talks to end the war in Gaza and ease the wider conflict in Lebanon. Meanwhile, US special envoy Amos Hochstein will hold talks with Lebanese officials in Beirut on Monday on the terms of a ceasefire between Israel and Hezbollah, two sources told Reuters.
" Crude oil futures are up sharply this morning as fighting escalates in the Middle East... Israel is also preparing for more potential retaliatory strikes against Iran ," said Dennis Kissler, senior vice president of trading at BOK Financial.
“ The crude oil sell-off over the past two weeks has been largely driven by long-term liquidation as the crude market continues to seek a balance between slowing demand and continued unrest in the Middle East, ” he added.
At the same time, China cut its benchmark lending rate as expected, part of a broader stimulus package aimed at reviving the economy. Data released last week showed China’s economy grew at its slowest pace since early 2023 in the third quarter, adding to concerns about oil demand.
China's oil demand is expected to remain weak through 2025 despite recent stimulus measures from Beijing as the world's second-largest economy electrifies its car fleet and grows at a slower pace, the head of the International Energy Agency said on Monday.
Speaking at an energy conference in Singapore, Saudi Aramco's chief executive said he remained "quite optimistic" about China's oil demand amid increased policy support to boost growth and rising demand for jet fuel and liquid chemicals.
Meanwhile, Minneapolis Federal Reserve Bank President Neel Kashkari reiterated on Monday that he expects “modest” rate cuts in the coming quarters, although a sharp labor market weakness could prompt him to favor faster rate cuts. Lower interest rates would cut borrowing costs, boosting economic activity and oil demand.
The US Energy Information Administration said last week that weekly oil production rose by 100,000 barrels per day to a record 13.5 million barrels per day in the week ending October 11.
A preliminary Reuters poll on Monday showed U.S. crude inventories likely rose by about 100,000 barrels last week, while distillate and gasoline stocks fell.
Domestic retail gasoline prices on October 22, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 17 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,730 | -116 |
RON 95 gasoline | 20,962 | -99 |
Diesel | 18,321 | -179 |
Oil | 18,627 | -163 |
Fuel oil | 16,090 | +179 |
Specifically, the price of E5 RON 92 gasoline decreased by VND116/liter, down to VND19,730/liter; RON 95 gasoline decreased by VND99/liter, down to VND20,962/liter.
Diesel 0.05S price: Decreased by 179 VND/liter, down to 18,321 VND/liter; Kerosene decreased by 163 VND/liter, down to 18,627 VND/liter; Madut 180CST 3.5S increased by 179 VND/kg, at 16,090 VND/kg.
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| Gasoline price today October 22, 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 41 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 5 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-22102024-phuc-hoi-nhe-353870.html
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