The world is stagnant; domestic prices are forecast to decrease this afternoon.

Today's gasoline and oil prices, October 17, WTI oil prices increased slightly by 0.45%. Brent oil prices "steadied" at 74.22 USD/barrel, waiting for more impactful news. Although world gasoline and oil prices increased last week, since the beginning of the new week, prices have decreased for 3 consecutive sessions, so domestic gasoline and oil prices are likely to decrease.

Gasoline prices today, October 17, have decreased for 3 consecutive sessions since the beginning of the new week, so it is likely that domestic gasoline prices will decrease. (Photo: Ngoc Ha)

Oil prices have recorded a hat-trick of daily declines this week after the trading session ended on October 16. Oil prices fluctuated slightly during the session, maintaining the lowest level in the past two weeks. Brent crude fell 3 cents to $74.22 a barrel. WTI crude fell 19 cents, or 0.3%, to $70.39 a barrel.

Oil prices have been falling since the start of the week due to weaker demand prospects. In addition, news that Israel will not attack Iran's nuclear and oil facilities has also helped to "cool down" concerns about supply disruptions.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced about 4 million barrels of oil per day last year, according to data from the U.S. Energy Information Administration (EIA). Iran is expected to export about 1.5 million barrels per day this year, according to analysts and U.S. government reports.

On the demand side, OPEC and the International Energy Agency (IEA) have cut their forecasts for global oil demand growth through 2024, citing weak demand from China.

Limiting the decline in oil prices during the trading session was positive economic news from the US and Europe.

In the euro area, despite slowing economic growth, there are signs of improvement. Meanwhile, US import prices recorded their sharpest decline in nine months in September as energy costs fell sharply, signaling a easing inflation outlook and increasing the likelihood of further interest rate cuts by the US Federal Reserve (Fed).

Regarding US gasoline and oil inventories, the American Petroleum Institute (API) said that in the week ending October 11, oil inventories fell by 1.58 million barrels, contrary to analysts' forecast of an increase of 3.2 million barrels. According to API, gasoline inventories fell further, by 5.926 million barrels, and distillate inventories also fell by 2.672 million barrels.

Domestic retail prices of gasoline on October 17 are as follows:

E5 RON 92 gasoline is not more than 19,846 VND/liter.

RON 95-III gasoline is not more than 21,061 VND/liter.

Diesel oil not more than 18,500 VND/liter.

Kerosene not more than 18,790 VND/liter.

Fuel oil not exceeding 15,911 VND/kg.

The domestic retail price of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session this afternoon (October 17). Although the world price of gasoline and oil increased last week, since the beginning of the new week, the price has decreased for 3 consecutive sessions, so it is likely that the domestic price of gasoline and oil will decrease. The forecast is that gasoline prices will decrease by 100-200 VND/liter, and oil prices will decrease more.

In the most recent price adjustment period, the price of E5 RON 92 gasoline increased by VND996/liter, RON 95-III gasoline increased by VND1,258/liter, diesel increased by VND1,099/liter, kerosene increased by VND1,139/liter, and fuel oil increased by VND908/kg.

Source: https://baoquocte.vn/gasoline-price-today-1710-the-gioi-chung-trong-nuoc-chieu-nay-duoc-du-bao-giam-290376.html