World oil prices rose nearly 1% in the trading session on October 3, but still recorded a decrease of more than 8% in the week, following information about the possibility of OPEC+ increasing supply.
World oil prices
According to Reuters, Brent oil price increased 42 cents, equivalent to 0.7%, to 64.53 USD/barrel, WTI oil price increased 40 cents, equivalent to 0.7%, to 60.88 USD/barrel.
For the week, Brent crude fell more than 8%, its biggest weekly drop in more than three months, while WTI crude fell more than 7%.
“OPEC+ production is expected to rise and the pipeline between Iraq and the semi-autonomous Kurdistan region is starting to operate again after more than two and a half years of interruption. These factors are making investors more cautious about crude,” said Dennis Kissler, senior vice president of trading at BOK Financial.
In addition, Mr. Dennis Kissler said that Hamas is also starting to negotiate with the administration of US President Donald Trump on a peace plan, along with crude oil reserve data from the US Energy Information Administration (EIA) released midweek showing that inventories of oil, gasoline and distillates all increased, reflecting weakening demand in the context of reduced refining activities. This further reinforced pessimism about the outlook for oil prices in the coming time.
Another major factor driving the market is the OPEC+ meeting scheduled for this weekend. According to sources, the eight OPEC+ countries are likely to decide to increase oil production next month. Saudi Arabia, the group's leader, is said to want to push for a large increase to regain market share, while Russia has made a more cautious proposal.
Analysts said higher OPEC+ supplies and slowing global crude refinery activity due to maintenance and seasonal demand declines in the coming months would weigh on market sentiment.
“Demand indicators in the Atlantic basin have softened slightly as the summer season ends. Since October, the implicit oversupply situation has started to improve, but the market remains fragile,” said Rystad Energy analyst Janiv Shah.
In addition, JPMorgan analysts also commented that September marked a turning point, when the oil market is heading towards a significant surplus in the fourth quarter of 2025 and extending into 2026.
Meanwhile, Iraq's oil ministry said earlier this week that the country resumed oil exports from the Kurdistan region via Türkiye on Saturday for the first time in more than two and a half years, a significant addition to the supply glut.
In a separate development, US President Donald Trump gave Hamas until Sunday evening to accept a peace proposal to end the conflict with Israel in Gaza. Although the outcome is unclear, the development is being closely watched by investors due to the risk of affecting energy flows in the Middle East region.
On the same day, oilfield services provider Baker Hughes said the number of active oil rigs in the US fell by 2 to 422. However, this decrease was not enough to offset the pressure of oversupply from other sources.
Another news item that has attracted attention is a major fire at Chevron’s El Segundo refinery in California, one of the largest on the West Coast, with a capacity of 290,000 barrels per day. Local officials said the fire has been contained to one area.
It is not yet clear whether there will be any impact on output, but the impact on oil prices from the incident is likely to be limited, analysts said.
Domestic gasoline prices
Domestic retail prices of gasoline on October 4, specifically as follows:
| - E5RON92 gasoline: No higher than 19,624 VND/liter - RON95-III gasoline: No higher than VND 20,209/liter - Diesel 0.05S: Not higher than 19,038 VND/liter - Kerosene: Not higher than 19,005 VND/liter - Mazut oil 180 CST 3.5S: Not higher than 15,370 VND/kg |
The Ministry of Industry and Trade and the Ministry of Finance have just decided on retail prices of gasoline and oil from 3 p.m. on October 2. Accordingly, gasoline and oil prices have increased simultaneously. Gasoline prices increased by 6 - 44 VND/liter; oil prices increased by 161 - 380 VND/liter. Specifically, E5RON92 gasoline prices increased by 6 VND/liter, RON95-III gasoline increased by 44 VND/liter, diesel increased by 380 VND/liter, kerosene increased by 377 VND/liter and mazut increased by 161 VND/kg.
According to the Ministry of Industry and Trade - Ministry of Finance, the world oil market in this management period is affected by main factors such as: OPEC+ increased oil production in October and is expected to continue to increase in November; the US government stopped many activities; US crude oil inventories increased; the military conflict between Russia and Ukraine continued, Ukraine increased attacks on Russian energy facilities... The above factors caused world oil prices in recent days to fluctuate up and down depending on each product.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-4-10-quay-dau-tang-5060799.html
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