The world is climbing slightly; domestic prices are increasing and decreasing in different directions.

Today, November 1st, fuel prices saw WTI crude oil increase by approximately 2%, reaching $70.52 per barrel; Brent crude oil remained at $73.61 per barrel. Yesterday afternoon (October 31st), domestic fuel prices were adjusted in opposite directions, with gasoline prices decreasing and diesel prices increasing.

Today, November 1st, fuel prices show WTI crude oil rising by approximately 2%, while Brent crude oil remains at $73.61 per barrel. Domestically, prices are being adjusted in opposite directions (up and down). (Source: VTC News)

Earlier, both benchmark oil prices had risen nearly 1% in the final trading session of October (October 31), after the market reacted to reports that Iran was preparing to attack Israel.

Brent crude oil prices rose 61 cents, or 0.84%, to $73.16 per barrel. WTI crude oil prices increased 65 cents, or 0.95%, to $69.26 per barrel.

Reuters, citing Axios, reported that Israeli intelligence has information that Iran is preparing to attack Israel in the coming days, possibly before the US presidential election (November 5).

A large number of drones and ballistic missiles are expected to be used in this attack. Reports suggest that carrying out the attack through Iranian-backed militias in Iraq may be an attempt by Tehran to avert another Israeli attack on strategic targets in Iran.

According to Phil Flynn, a senior analyst at Price Futures Group, this could lead to the possibility of Israel attacking Iran again, and he warned that Iran's infrastructure might not be outside the range of attack.

Iran produces approximately 3.2 million barrels per day, equivalent to 3% of global production.

In the very first trading session of the week, Brent and WTI oil prices plummeted by more than 6%, after Israel showed restraint in its retaliatory attacks on Iran over the weekend.

In addition to the aforementioned price-supporting information, another factor contributing to the acceleration of oil prices during the October 31st trading session was the possibility that the Organization of Petroleum Exporting Countries and its allies (OPEC+) would postpone its plan to increase oil production. OPEC+ members are expected to meet to decide on policy on December 1st.

Meanwhile, in China, the world's largest oil importer, manufacturing activity grew for the first time in six months in October. The Purchasing Managers' Index (PMI) from China's National Bureau of Statistics rose to 50.1, up from 49.8 in September, exceeding the 50 mark separating growth and contraction, surpassing the average forecast of 49.9 in a Reuters poll. This suggests that stimulus measures are having an effect.

Sahdev of Rystad Energy commented that international events converging at the beginning of the month could cause significant volatility in the oil market throughout November. According to Sahdev, these international events include the US presidential election, the persistently weak outlook for Chinese demand, the instability of OPEC+, and conflicts in the Middle East.

The retail prices of gasoline and diesel in Vietnam on November 1st are as follows:

E5 RON 92 gasoline should not exceed 19,408 VND/liter.

RON 95-III gasoline should not exceed 20,503 VND/liter.

Diesel fuel prices should not exceed 18,148 VND/liter.

Kerosene price should not exceed 18,833 VND/liter.

Fuel oil price should not exceed 16,461 VND/kg.

The aforementioned domestic retail prices of gasoline and diesel were adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting on the afternoon of October 31st. Gasoline and diesel prices moved in opposite directions, with gasoline prices decreasing and diesel prices increasing.

Thus, gasoline prices have decreased three times in a row. E5 RON 92 gasoline decreased by 284 VND/liter, RON 95-III gasoline decreased by 391 VND/liter, diesel increased by 91 VND/liter, kerosene increased by 263 VND/liter, and fuel oil increased by 232 VND/kg.

During this price adjustment period, the inter-ministerial committee did not allocate or utilize the Fuel Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel fuel, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-111-the-gioi-leo-doc-nhe-trong-nuoc-tang-giam-trai-chieu-292170.html