World oil prices
At 6:00 AM on November 7th, WTI crude oil prices rose by $0.08, or 0.11%, to $71.77 per barrel. Meanwhile, Brent crude oil prices fell by $0.61, or 0.81%, to $74.92 per barrel.
Oil prices fluctuated due to a stronger US dollar following the US presidential election.
According to Reuters , the US presidential election, and particularly the initial vote count, triggered a massive sell-off, causing oil prices to fall by more than $2 during the session as the US dollar strengthened. A strong dollar means that commodities priced in dollars, such as oil, become more expensive for holders of other currencies, putting pressure on prices.
Fuel prices fluctuate in opposite directions. (Photo: Minh Duc).
Phil Flynn, senior analyst at Price Futures Group, said: "The initial excitement and selling frenzy have subsided. In the short term, the likelihood of price increases is higher than the likelihood of price decreases." He also noted that oil prices are fluctuating within a narrow range as investors are paying more attention to short-term supply and demand prospects.
According to John Kilduff, a partner at Again Capital in New York, the market overreacted to the election results and Donald Trump's victory. However, the potential for conflict in the Middle East to put pressure on supply has limited the drop in oil prices.
UBS analyst Giovanni Staunovo said that former President Donald Trump's re-election could also mean that sanctions against Iran and Venezuela would be extended, removing oil from those two countries from the market. This could be a move that drives oil prices up.
Domestic fuel prices
In the price adjustment on October 31st, the price of E5 RON92 gasoline decreased by 284 VND/liter, not exceeding 19,408 VND/liter; RON95 gasoline decreased by 391 VND/liter, not exceeding 20,503 VND/liter.
In contrast to gasoline prices, the prices of various types of oil have increased across the board. Specifically, diesel increased by 91 VND/liter, not exceeding 18,148 VND/liter; kerosene increased by 263 VND/liter, not exceeding 18,833 VND/liter; and fuel oil increased by 232 VND/kg, not exceeding 16,461 VND/kg.
During this period, the regulatory agency continued to neither allocate funds nor utilize the fuel price stabilization fund for these commodities.
Source: https://vtcnews.vn/gia-xang-dau-hom-nay-7-11-tang-giam-trai-chieu-do-usd-manh-len-ar906001.html
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