Gasoline prices today October 22: Week of climbing, fueled by Israel conflict

Today's oil price, October 22, WTI oil price is trading at 88.08 USD/barrel, down 0.29 USD/barrel compared to the previous trading session, while Brent oil is trading at 92.16 USD/barrel, down 0.22 USD/barrel compared to the previous trading session.

Giá xăng dầu hôm nay 30/8: Lại đảo chiều đi lên

Today's oil price, October 22, WTI oil price is trading at 88.08 USD/barrel, Brent oil is trading at 92.16 USD/barrel.

A slight decline on the final trading session of the week could not help oil prices this week reverse last week's gains. Oil prices this week rose more than 1%, marking the second consecutive weekly gain.

According to Oilprice , this week's oil price increase was fueled by the Israel-Hamas conflict that shows no signs of stopping and a surprise drop in US oil inventories after weeks of strong increases.

Oil prices started the week down more than $1 as investors expected the U.S. and Venezuela to soon reach a deal to ease sanctions on Venezuelan crude exports. In addition, traders said the Israel-Hamas conflict did not appear to pose a threat to oil supplies in the short term.

WTI crude oil prices rose slightly by 25 cents on Monday, while Brent crude oil prices were flat. The lack of volatility in oil prices is due to investors waiting for the results of US diplomatic efforts and President Joe Biden's trip to Israel.

However, by the third trading session of the week, oil prices had climbed about 2% to a two-week high due to a decline in US oil inventories and growing concerns about tighter global supplies after Iran called for an oil embargo on Israel due to the conflict in Gaza.

Data from the US Energy Information Administration showed that US oil reserves fell by 4.5 million barrels; gasoline inventories fell by 2.4 million barrels; and distillate inventories fell by 3.2 million barrels.

Traders' worries that Israel's military campaign in Gaza could escalate into a regional conflict pushed oil prices to a further gain of more than 1% in the fourth trading session of the week.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of October 11 of the Ministry of Finance - Industry and Trade.

E5RON92 gasoline: Not higher than VND 21,907/liter, down VND 1,595/liter.

RON95-III gasoline: Not higher than VND 23,044/liter, down VND 1,798/liter.

Diesel 0.05S: Not higher than VND 22,410/liter, down VND 1,184/liter.

Kerosene: Not higher than VND 22,464/liter, down VND 1,352/liter.

Mazut oil 180CST 3.5S: Not higher than 16,238 VND/kg, down 1,214 VND/kg.

Updated prices of finished petroleum products on the Singapore market as of the evening of October 18 increased slightly. Accordingly, the price of RON95 gasoline has surpassed the 100 USD mark, up to 100.47 USD/barrel; E5 RON92 gasoline 95.78 USD/barrel; diesel 119.47 USD/barrel...

Some petroleum wholesalers predict that domestic gasoline prices in the next adjustment period (October 23) may increase by around 500 VND/liter.

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