World oil prices
At 6:00 a.m. on November 4, Brent crude oil price increased by 0.29 USD, equivalent to 0.4%, to 73.10 USD/barrel. WTI crude oil price increased by 0.23 USD, equivalent to 0.38%, to 69.49 USD/barrel.
Oil prices rose amid escalating tensions in the Middle East. In addition, oil prices were also affected by the results of the US presidential election and the interest rate decision of the US Federal Reserve (Fed).
Another notable factor is the possibility that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may extend production cuts into 2025, abandoning plans to gradually increase output from December due to weak oil demand from China and rising non-OPEC supply.
Gasoline prices go up. (Photo: Minh Duc).
In addition, US gasoline and oil inventories unexpectedly fell. According to the US Energy Information Administration, in the week ending October 25, US gasoline inventories fell by 2.7 million barrels to a two-year low; oil inventories fell by 500,000 barrels.
“ After putting geopolitical concerns aside, attention is once again turning to market fundamentals ,” analysts at JP Morgan wrote in a recent note.
This week, developments in the Middle East geopolitical situation, the results of the US presidential election, the US Federal Reserve's (Fed) interest rate decision after the Federal Open Market Committee (FOMC) meeting, the US services purchasing managers' index (PMI), the US weekly jobless claims as well as the preliminary report on US consumer sentiment from the University of Michigan, and China's fiscal and monetary stimulus programs will be factors affecting oil price fluctuations.
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 any products.
Source: https://vtcnews.vn/gasoline-price-today-4-11-chua-ngung-da-tang-ar905429.html
Comment (0)