World climbs; domestic rises slightly

Today's oil and gas prices, November 2, ended the trading session on November 1, oil prices erased the increase of the day, falling about 1% to the lowest level in three weeks due to the increase in the USD and after the US Federal Reserve (Fed) decided to keep interest rates unchanged but noted that it would leave open the possibility of raising interest rates in the future.

Gasoline prices today, November 2, domestic gasoline prices increased slightly, adjusted according to the afternoon session of November 1 of the Ministry of Finance - Industry and Trade. (Source: VTC News)

Brent crude futures fell 39 cents, or 0.5%, to settle at $84.63 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.72%, to settle at $80.44 a barrel. That was the lowest close for Brent since Oct. 6 and for WTI since Aug. 28.

Reuters reported that trading on November 1 was really volatile. For most of the session, both Brent and WTI crude oil rose more than $2 due to concerns about spreading conflict in the Middle East. However, the decision of the Fed to keep interest rates stable at high levels but leave open the possibility of raising interest rates helped the USD rise to a four-week high against a basket of other currencies. The increase in the USD pushed oil prices down quickly.

Oil prices were also pressured by a rise in US crude and gasoline inventories last week.

In Europe, data from Eurostat showed that inflation in the euro zone hit a two-year low in October, fueling views that the European Central Bank is unlikely to raise interest rates anytime soon. The Bank of England is scheduled to meet today.

In another development, a private survey showed factory activity in China, the world's biggest oil importer, unexpectedly fell in October, adding to upbeat official data from a day earlier.

“The oil market will remain stable with the demand outlook deteriorating and any latest developments in the Israel-Hamas conflict could lead to any supply disruptions,” commented Edward Moya, senior market analyst at OANDA.

Callum Macpherson, head of commodities at Investec, said that without a threat to output from conflicts, oil could struggle to maintain high prices without support from OPEC+ until 2024. That’s why this month’s OPEC meeting becomes so important, according to Macpherson.

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 November 1 of the Ministry of Finance - Industry and Trade.

E5 RON 92 gasoline is not more than 22,614 VND/liter.

RON 95 gasoline is not more than 23,929 VND/liter.

Diesel oil not more than 21,940 VND/liter.

Kerosene not more than 22,305 VND/liter.

Fuel oil not exceeding 16,240 VND/kg.

In this management period, the joint ministries decided not to set aside and not to use the Price Stabilization Fund for all petroleum products.

Since the beginning of the year, gasoline prices have undergone 31 adjustments, including 19 increases, 9 decreases, and 3 unchanged.

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