Gasoline price today November 27: Sliding downhill

Gasoline prices today, November 27, on the world market may continue to decline following the downward trend from last week.

Gasoline prices today, November 27, on the world market may continue to decline following the downward trend from last week. (Source: Reuters)

Data from Oilprice shows that at 9:17 a.m. on November 27 (Vietnam time), Brent crude oil was trading at $80.23 per barrel, down $0.35, or 0.43%, from the previous session. WTI crude oil was at $75.2 per barrel, down $0.34, or 0.45%, from the previous session.

Last week, international oil prices recorded another week of decline. Thus, world oil prices have decreased for 5 consecutive weeks.

Last week, oil prices were influenced by information about the meeting of the Organization of the Petroleum Exporting Countries and allied oil-producing countries (also known as the OPEC+ group).

In the last 5 trading sessions of the week, oil prices increased 1 session, decreased 3 sessions and had mixed movements in 1 session.

Specifically, in the first trading session of the week, oil prices increased on the assumption that OPEC+ will agree to maintain production cuts at the upcoming meeting, after crude oil prices fell last week to a four-month low. In this session, oil prices increased by more than 2%.

In the second trading session of the week, world oil prices were mixed with Brent crude oil prices increasing slightly while WTI crude oil prices decreased slightly. World oil prices fluctuated little in this session as investors were cautious before the OPEC+ policy meeting.

Oil prices fluctuated sharply in the third trading session of the week. At the beginning of the session, oil prices fell more than 5% after the market received information that OPEC+ postponed the meeting scheduled for November 26 to the last day of November. The meeting was postponed at a time when OPEC+ members Angola and Nigeria planned to increase production. This reduced concerns about the possibility of OPEC+ continuing to cut production next year.

According to analysts, the unexpected change in OPEC+ schedule is because oil producers have not yet found a common voice in increasing or cutting production.

But by the end of the session, oil prices only fell more than 1%. The main factors pushing oil prices down in this trading session were OPEC+ postponing the meeting schedule, US oil inventories increasing by 8.7 million barrels last week and the recovery of the USD.

Oil prices fell another 3% in the last two trading sessions of the week, extending their decline on expectations that major OPEC+ oil producers will not cut production further next year.

Last week, Brent crude oil price was listed at 80.58 USD/barrel. Meanwhile, WTI crude oil price ended last week at 75.54 USD/barrel.

For the week, Brent crude fell 0.1% and WTI crude fell 0.7%. Although the declines were modest, oil prices this week extended their decline to the fifth consecutive week.

According to analysts, next week, OPEC+'s decision on production, US oil inventory reports and other economic and political information will impact oil prices.

Domestic retail prices of gasoline on November 27 are as follows:

E5 RON 92 gasoline is not more than 21,690 VND/liter.

RON 95 gasoline is not more than 23,024 VND/liter.

Diesel oil not more than 20,283 VND/liter.

Kerosene not more than 20,944 VND/liter.

Fuel oil not exceeding 15,638 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and Industry and Trade on the afternoon of November 23, with the largest decrease in gasoline price being 584 VND/liter and the largest decrease in oil price being 605 VND/liter. Notably, during the adjustment period, the price of fuel oil increased slightly by 15 VND/kg.

In this price management, the joint ministries continue not to set aside and not spend the price stabilization fund for all petroleum products.

Since the beginning of the year, gasoline prices have undergone 33 adjustments, including 18 increases, 11 decreases, and 4 unchanged.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-2711-truot-doc-khong-phanh-251597.html