Oil prices fell for the third consecutive week.

In the first trading session of the week on November 6th (Vietnam time), oil prices reversed course and rose due to concerns about tightening supply following Saudi Arabia and Russia's decision to maintain their production cuts.

Russian Deputy Prime Minister Alexander Novak said that Russia will continue its voluntary supply cuts of an additional 300,000 barrels per day from crude oil and petroleum product exports until the end of December.

Meanwhile, the Saudi Arabian Ministry of Energy also confirmed that the country will continue its voluntary production cuts of 1 million barrels per day until the end of the year.

On November 7th (Vietnam time), oil prices gradually stabilized as concerns about supply disruptions due to tensions in the Middle East eased.

UN leaders have called for a humanitarian ceasefire as health authorities in the region say the death toll from Israeli attacks has now exceeded 10,000.

Oil prices fell by about 4% this week. (Illustration: Petroleum Corporation)

On November 8th (Vietnam time), oil prices fell by more than 4% following positive economic data from China, a strengthening US dollar, and rising US oil inventories.

UBS strategist Giovanni Staunovo said the cuts could be extended into the first quarter of 2024 due to weaker seasonal oil demand at the start of the year, ongoing concerns about economic growth, and the goal of producers and OPEC+ to support market stability and balance.

Concerns about weakening demand in the US and China pushed oil prices down by more than 2% to their lowest level in over three months during trading on November 9 (Vietnam time).

On November 10th (Vietnam time), oil prices rose slightly due to signs of increasing demand from China, the world's leading oil importer. The Governor of the People's Bank of China recently stated that the Chinese economy is expected to achieve its target of 5% GDP growth this year.

The upward trend in oil prices continued into the final trading session of the week on November 11 (Vietnam time), with a gain of approximately 2%, as Iraq voiced support for OPEC+ oil cuts ahead of the group's meeting on November 26.

Overall, oil prices fell by about 4% this week.

The retail prices of petroleum products in Vietnam on November 12th are as follows: E5 RON 92 gasoline not exceeding 22,614 VND/liter; RON 95 gasoline not exceeding 23,929 VND/liter; diesel fuel not exceeding 21,940 VND/liter; kerosene not exceeding 22,305 VND/liter; and fuel oil not exceeding 16,240 VND/kg.

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