World oil prices
At 7:00 a.m. on November 3, Brent oil price was at 73.1 USD/barrel, up 0.4%, equivalent to an increase of 0.29 USD/barrel. WTI oil price was at 69.49 USD/barrel, up 0.33%, equivalent to an increase of 0.23 USD/barrel. Despite the slight increase, the world oil price for the whole week decreased by 3-4%/barrel depending on the type.
The oil market has seen some notable volatility this week. In the first trading session, oil prices shocked the market by dropping more than 6%. Reuters said that the main reason was the uninterrupted supply of energy after Israel's retaliation last weekend. Israel's attack only targeted the Iranian military and did not affect Tehran's oil and nuclear facilities.
However, oil prices fell another 0.4% in Monday trading after Israeli Prime Minister Benjamin Netanyahu announced he would hold a meeting to find a diplomatic solution to the conflict in Lebanon.
The decline was interrupted in Tuesday's trading session by data showing unexpected declines in US crude and gasoline inventories, along with reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may extend production cuts into next year instead of gradually increasing output from December.
Analysts say that in addition to concerns about weak oil demand from China, rising non-OPEC supply is forcing OPEC+ to reconsider its production decision, a decision that could come as early as next week.
Reuters reported that US oil production hit a record 13.5 million barrels per day last week, citing data from the US Energy Information Administration. Oil prices continued to climb, rising more than 1% in the last two trading sessions of the week. Iran emerged as the main topic in the market, helping oil prices record a hat-trick of increases in the fifth trading session.
(Illustration: Petrovietnam )
According to Oilprice, the oil market is currently anticipating an Iranian attack on Israel in the coming days. In this attack, Iran is likely to mobilize a large number of drones from Iraqi territory. This information has pushed up the geopolitical risk premium. Brent crude oil prices ended the week at $73.1/barrel, WTI oil prices at $69.49/barrel.
Although oil prices rose in the last trading sessions of the week, the increase was not enough to “recover” from the shock drop at the beginning of the week. For the week, Brent crude oil prices fell about 4%, WTI crude oil prices fell about 3%, recording a weekly decline, at the same time extending the weekly reversal streak.
Domestic gasoline prices
In the operating period on October 31, the price of E5 RON92 gasoline decreased by VND284/liter, not higher than VND19,408/liter; RON95 gasoline decreased by VND391/liter, not higher than VND20,503/liter.
In contrast to gasoline prices, oil prices increased simultaneously. Specifically, diesel increased by 91 VND/liter, not higher than 18,148 VND/liter; kerosene increased by 263 VND/liter, not higher than 18,833 VND/liter and fuel oil increased by 232 VND/kg, not higher than 16,461 VND/kg.
In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for E5 RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://vtcnews.vn/gia-xang-dau-hom-nay-3-11-tuan-giam-3-4-ar905340.html
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