Brent crude rose $1.42, or 1.8 percent, to $81.61 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.43, or 1.9 percent, to $77.17.
Oil prices rose today after Iraq voiced support for production cuts ahead of an OPEC+ meeting and some speculators secured large short positions in oil over the weekend.
Royal Bank of Canada said that Saudi Arabia's unilateral extension of the 1 million barrel/day cut into the first quarter of 2024 will increase deficit pressure on the market.
In addition, supplies from Iraq remain limited as the Ceyhan pipeline to Türkiye, which accounts for about 0.5% of global oil supplies, has yet to resume.
Analysts at research firm Capital Economics said OPEC+ could cut supply further if prices continue to fall, forecasting Brent crude to end the year and next at around $85 a barrel.
In the United States, energy services firm Baker Hughes (BKR.O) said energy companies cut the number of active oil rigs for a second straight week to the lowest since January 2022.
Concerns about oil demand have replaced fears of supply shortages related to conflict in the Middle East, according to analysts at Commerzbank.
Weak economic data from China this week added to concerns about weakening demand in the world’s top oil consumer. Chinese refiners ordered less supply in December.
However, oil prices' gains were limited following comments on interest rates from US Federal Reserve Chairman Jerome Powell.
The yield on the 10-year US Treasury note rose from its lowest level in more than a month after Mr Powell’s comments. However, higher interest rates increase borrowing costs, which dampens demand in markets including oil.
The retail prices of domestic gasoline on November 11 are as follows: E5 RON 92 gasoline is not more than VND 22,614/liter; RON 95 gasoline is not more than VND 23,929/liter; diesel is not more than VND 21,940/liter; kerosene is not more than VND 22,305/liter; fuel oil is not more than VND 16,240/kg.
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