World oil prices
Oil prices steadied on Tuesday as investors weighed a lower-than-expected increase in OPEC+ oil production in November, along with signs of a possible supply glut in the market.
According to Reuters, at the end of the trading session on October 7, Brent oil price decreased by 0.02 USD/barrel, equivalent to 0.03%, to 65.45 USD/barrel; WTI oil price increased by 0.04 USD/barrel, equivalent to 0.06%, to 61.73 USD/barrel.
Both oil prices rose more than 1% in the previous trading session, after OPEC+ announced it would increase oil production by 137,000 barrels per day from November.
The move, which runs counter to market expectations for a stronger production increase, shows OPEC+ remains cautious about forecasting a global oil surplus in the fourth quarter of this year and next year, according to ING analysts.
Market sentiment remains subdued, especially after Saudi Arabia decided to keep the official selling price for its Arab Light crude exported to Asia unchanged, said StoneX analyst Alex Hodes. While Asian refiners surveyed by Reuters had expected a slight increase in prices, those expectations have waned after rising Middle Eastern supplies sent the spread to a 22-month low last week.
In the short term, some experts predict that the upcoming refinery maintenance season in the Middle East will help limit the rise in oil prices.
Geopolitical factors continue to influence the oil market, with the conflict between Russia and Ukraine impacting energy prices and increasing uncertainty about Russia's oil supply.
The Kirishi refinery, one of Russia’s largest, has halted operations at its main oil processing unit following a drone attack on October 4. Two industry sources said the restoration of operations is expected to take about a month.
Data from the American Petroleum Institute (API) just released shows that crude oil inventories in the US increased, while gasoline and distillate inventories decreased in the week ending October 3. According to Reuters, US crude oil reserves increased by 2.78 million barrels, while gasoline inventories decreased by 1.25 million barrels and distillate fuel decreased by 1.82 million barrels.
In China, the country is accelerating the construction of oil reserves, as part of a strategy to increase energy storage.
Domestic gasoline prices
Domestic retail prices of gasoline on October 8 are 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 - Ministry of Finance has just decided on retail prices of gasoline and oil from 3:00 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.
In this operating 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 fuel oil.
Source: https://baolangson.vn/gasoline-price-hom-nay-8-10-opec-than-trong-truoc-du-bao-du-cung-dau-toan-cau-5061156.html
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