Oil prices fall for the sixth consecutive week.

On Monday, November 27th (Vietnam time), oil prices continued their downward trend ahead of the OPEC+ meeting as producers struggled to agree on production levels. Two OPEC+ members, Angola and Nigeria, are seeking to increase their production quotas beyond those agreed upon at the June meeting.

On November 28th (Vietnam time), oil prices continued to fall, slipping below $80 per barrel, as investors remained cautious ahead of the OPEC+ meeting on supply restrictions until 2024.

The possibility of OPEC+ extending or further cutting supply, reduced oil production in Kazakhstan due to storms, and the weakening of the US dollar supported a reversal in oil prices, leading to an upward trend in trading on November 29 (Vietnam time).

Oil prices marked their sixth consecutive week of declines. (Illustration: Petroleum Corporation)

The upward trend in oil prices continued into the trading session on November 30 (Vietnam time), as investors focused their attention on expectations of new OPEC+ supply cuts and ignored the increase in US crude oil, gasoline, and distillate inventories.

According to a report from the U.S. Energy Information Agency (EIA), crude oil inventories increased by 1.6 million barrels, distillate product inventories increased by 5.2 million barrels, and gasoline inventories increased by 1.8 million barrels.

Oil prices reversed course and fell on December 1st (Vietnam time) after OPEC+ producers agreed to cut production in the first quarter of 2024. The level of cuts will be announced by each member individually, rather than the entire group.

In the final trading session of the week, December 2nd (Vietnam time), the market remained cautious due to the latest OPEC+ production cuts and sluggish global manufacturing activity.

At their meeting on November 30, OPEC+ producers agreed to cut approximately 2.2 million barrels of oil per day in the first quarter of next year. This reduction includes 1.3 million barrels per day of additional voluntary cuts already made by Saudi Arabia and Russia.

Meanwhile, Federal Reserve Chairman Jerome Powell said the US central bank will adjust interest rates cautiously.

According to the survey, US manufacturing remained sluggish in November, with factory jobs declining. Investors are cautiously monitoring global manufacturing activity, which remained weak in November due to poor demand.

In total, for the week, Brent crude oil prices fell by approximately 2.1%, while WTI crude oil plummeted by more than 1.9%. This also marks the sixth consecutive week of oil price declines.

Domestic retail fuel prices on December 3rd are as follows: E5 RON 92 gasoline not exceeding 21,799 VND/liter; RON 95 gasoline not exceeding 22,990 VND/liter; diesel fuel not exceeding 20,196 VND/liter; kerosene not exceeding 21,116 VND/liter; and fuel oil not exceeding 15,729 VND/kg.

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