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| Today's oil prices, October 30, Brent crude oil price decreased by 1.4 USD, equivalent to 1.55%, to 89.08 USD/barrel. At the same time, the price of US WTI crude oil decreased by 1.37 USD, equivalent to 1.6%, to 84.17 USD/barrel. (Source: Reuters) |
According to Oilprice , at 5:30 a.m. on October 30 (Vietnam time), Brent oil price decreased by 1.4 USD, equivalent to 1.55%, to 89.08 USD/barrel. At the same time, US WTI oil price decreased by 1.37 USD, equivalent to 1.6%, to 84.17 USD/barrel.
Oil prices fluctuated last week following headlines related to the Israel-Hamas conflict. Increases in US oil reserves and concerns about global growth were also factors that affected the rise and fall of gasoline prices.
Oil prices have fallen three times and risen two times in five trading sessions. Prices have fallen as diplomatic efforts in the Middle East intensified to prevent the Israel-Hamas conflict from escalating; the outlook for energy demand weakened following weak economic data from the eurozone and Britain; and Israel agreed to postpone a ground offensive until the end of the week.
However, the Israel-Hamas conflict shows no signs of abating, which has helped oil prices climb. Although the conflict has not yet had a clear impact on disrupting global crude oil supplies, the potential for disruption remains high. The US is currently considering imposing tougher sanctions on Iran.
In the context of the supply-demand balance being tightened while demand continues to grow, oil prices may skyrocket, surpassing the 100 USD/barrel mark, even surpassing 110 USD/barrel, according to economic experts.
Last week, European PMI data showed a bleak economic outlook for the region. In October, the PMI fell to 46.5 from 47.2 in September. This was the lowest PMI reading since November 2020.
Also last week, the US Energy Information Administration reported that US crude inventories rose by 1.4 million barrels to 421.1 million barrels, ending a long streak of declines. Other data showed that the US economy grew at its fastest pace in nearly two years in the third quarter, raising expectations that the Federal Reserve will keep interest rates high for longer.
The conflict in the Middle East has not cooled down over the past two days, which could push oil prices higher. However, concerns about global growth still weigh on sentiment, so oil prices could continue to fall this week.
Oil prices have started a new week, the increase and decrease in each trading session of oil prices has begun. A volatile week has officially started.
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 23 of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline is not more than 22,360 VND/liter. RON 95 gasoline is not more than 23,510 VND/liter. Diesel oil not more than 22,480 VND/liter. Kerosene not more than 22,750 VND/liter. Fuel oil not exceeding 16,610 VND/kg. |
Since the beginning of the year, gasoline prices have undergone 30 adjustments, including 17 increases, 9 decreases, and 4 unchanged.
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