Uphill; domestic gasoline prices increase slightly

Today, October 24, gasoline prices started to climb slightly after falling more than 2%. WTI oil prices increased to over 86 USD/barrel, Brent oil remained below 90 USD/barrel.

Giá xăng dầu hôm nay 24/10: Leo dốc; trong nước giá xăng tăng nhẹ

Oil prices today, October 24, started to climb slightly after falling more than 2%. WTI oil prices increased to over 86 USD/barrel, Brent oil remained below 90 USD/barrel. (Source: Oilprice)

Oil prices ended the first trading session of the week down more than 2% as diplomatic efforts in the Middle East intensified to prevent the conflict between Israel and Hamas from escalating, easing investor concerns about potential supply disruptions.

Brent crude futures fell $2.33, or 2.5%, to $89.83 a barrel, according to Reuters. Similarly, U.S. West Texas Intermediate (WTI) crude fell $2.59, or 2.9%, to $85.49 a barrel.

The session's decline was the deepest one-day drop for both oil benchmarks since early October.

European Union leaders will call for a humanitarian ceasefire this week to allow aid to reach Palestinians in Gaza, while the leaders of France and the Netherlands will visit Israel this week, Reuters reported.

Over the weekend, aid convoys began arriving in the Gaza Strip from Egypt. “The imminent supply risk seems to have diminished,” said Phil Flynn, an analyst at Price Futures Group, adding that “people are scaling back their positions until they see how this plays out.”

Both Brent and WTI have posted weekly gains over the past two weeks, driven by the potential for supply disruptions in the Middle East - the world's largest oil-producing region - if conflict spreads.

“The escalating anger in the region will add to economic headwinds, rising oil prices are likely to push global inflation higher, monetary tightening could continue and global oil demand growth will be subdued,” said PVM analyst Tamas Varga.

Last week, US President Joe Biden announced the suspension of sanctions on OPEC member Venezuela after the Venezuelan government reached a deal with the opposition. This could help Venezuela export to the market, but its impact on mitigating supply risks in the Middle East remains unclear.

“This move is expected to add 200,000 to 300,000 barrels per day of Venezuelan crude to the global export market,” said RBC analyst Michael Tran. “This is not necessarily a market-changing event, nor are those barrels coming anytime soon.”

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of October 23 of the Ministry of Finance - Industry and Trade.

E5 RON 92 gasoline is not more than 22,360 VND/liter.

RON 95 gasoline is not more than 23,510 VND/liter.

Diesel oil not more than 22,480 VND/liter.

Kerosene not more than 22,750 VND/liter.

Fuel oil not exceeding 16,610 VND/kg.

Since the beginning of the year, gasoline prices have undergone 30 adjustments, including 17 increases, 9 decreases, and 4 unchanged.

Source