Gasoline price today October 31, 2024: Continue to increase

Oil prices today October 31, 2024: Oil prices continued to increase by more than 2% due to a decrease in US reserves and OPEC+ considering postponing production increases.

Gasoline price today October 31, 2024

Recorded on Oilprice at 5:00 a.m. on October 31, 2024 (Vietnam time), WTI oil price was at 69.99 USD/barrel, up 0.54% (equivalent to an increase of 0.37 USD/barrel).

WTI oil price on the world market at dawn on October 31, 2024 (Vietnam time)

Similarly, Brent oil price was at 73.03 USD/barrel, up 2.01% (equivalent to an increase of 1.43 USD/barrel).

Brent oil price on the world market at dawn on October 31, 2024 (Vietnam time)

Oil prices rebounded on Tuesday, rising more than 2% after data showed U.S. crude and gasoline inventories unexpectedly fell last week and after reports that OPEC+ may delay plans to increase oil production.

U.S. gasoline stocks unexpectedly fell last week to their lowest level in two years as demand surged , while crude stocks also unexpectedly fell due to a drop in imports, the Energy Information Administration said.

U.S. crude oil imports from Saudi Arabia fell to their lowest level since January 2021 last week, to just 13,000 barrels per day, down from 150,000 barrels per day the previous week. The EIA said crude oil imports from Canada, Iraq, Colombia and Brazil all fell for the week.

"The strongest support was a drop in gasoline inventories amid higher implied demand on a weekly basis," said Kpler analyst Matt Smith, adding that lower imports helped crude inventories draw down slightly.

OPEC+, a group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia, may delay a planned increase in oil output in December by a month or more due to concerns about weak oil demand and rising supplies, Reuters reported.

“ OPEC+ has always advised that the rollback of voluntary supply cuts will depend on market conditions ,” said Harry Tchilinguirian, director of research at Onyx Capital Group.

“ That they may be reconsidering the timing of resuming oil imports is not surprising given the weak macroeconomic realities, particularly in China, which have led to downward revisions in global demand growth estimates .”

The group is expected to increase output by 180,000 barrels per day (bpd) in December. OPEC+ has cut output by 5.86 million bpd, equivalent to about 5.7% of global oil demand.

Two OPEC+ sources told Reuters that a decision to delay the production increase could come as early as next week.

OPEC+ is scheduled to meet on December 1 to decide on next policy steps.

Domestic retail gasoline prices on October 31, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 24 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,682	-38
RON 95 gasoline	20,894	-68
Diesel	18,057	-264
Oil	18,570	-57
Fuel oil	16,229	+139

Specifically, the price of E5 RON 92 gasoline decreased by 38 VND/liter, down to 19,692 VND/liter; RON 95 gasoline decreased by 68 VND/liter, down to 20,894 VND/liter.

Diesel 0.05S price: Decreased by 264 VND/liter, down to 18,057 VND/liter; Kerosene decreased by 57 VND/liter, down to 18,570 VND/liter; Mazut 180CST 3.5S increased by 139 VND/kg, at 16,229 VND/kg.

Gasoline price today October 31, 2024. Photo CD

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 42 adjustment sessions, including 21 decrease sessions, 17 increase sessions and 5 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-31102024-tiep-tuc-tang-355846.html