"Pocket" about 1% more, highest in 2 weeks

Today's gasoline price, November 23, at the end of the last trading session of the week (November 22), oil prices "pocketed" about 1% more, reaching the highest level in 2 weeks.

Today's oil and gas prices, November 23, ended the last trading session of the week (November 22), oil prices "pocketed" about 1% more, reaching the highest level in 2 weeks. (Source: Reuters)

Brent crude rose 94 cents, or 1.3 percent, to $75.17 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.6 percent, to $71.24 a barrel.

Both oil benchmarks rose about 6% for the week, their biggest weekly gain since Nov. 7. Oil prices rose as Moscow stepped up its attack on Ukraine after Britain and the United States allowed Kiev to use its missiles to strike deeper into Russian territory.

The escalation of tensions between Russia and Ukraine has raised geopolitical tensions beyond levels seen during the more than year-long conflict between Israel and Iranian-backed forces, said Saxo Bank analyst Ole Hansen.

Russian President Vladimir Putin said Russia will continue testing its new Oreshnik hypersonic missile. Russia fired the Oreshnik missile at Ukraine, after Ukraine used US ballistic missiles and British cruise missiles to attack Russia.

What the market fears is the destruction of any oil, gas and refinery facilities, as this would not only cause long-term damage but also accelerate the spiral of conflict, according to PVM analyst John Evans.

In a new move, the US has imposed new sanctions on Russia's Gazprombank.

The Kremlin said the new US sanctions were an attempt by Washington to hinder Russian gas exports, but Moscow would find a solution.

On the demand side, China, the world’s largest oil importer, announced policy measures this week to boost trade, including supporting energy imports, amid concerns the US will impose high tariffs on Chinese imports.

China’s crude oil imports are expected to recover in November, according to analysts, traders and ship-tracking data. Imports in India, the world’s third-largest oil importer, also rose as domestic consumption increased.

Putting pressure on oil prices in the trading session on November 22 was information that the business activities of the Eurozone in November changed for the worse, the key service sector of this bloc declined, the manufacturing sector sank deeper into recession.

The US dollar rose to a two-year high against other currencies, also limiting oil's gains.

Domestic retail prices of gasoline on November 23 are as follows:

E5 RON 92 gasoline is not more than 19,343 VND/liter.

RON 95-III gasoline is not more than 20,528 VND/liter.

Diesel oil not more than 18,509 VND/liter.

Kerosene not more than 18,921 VND/liter.

Fuel oil not exceeding 16,014 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price adjustment session on the afternoon of November 21. Because the world oil price "plummeted" last week but recovered slightly this week, the domestic oil price also continued to decrease with a slight decrease. The price of E5 RON 92 gasoline decreased the most, by 109 VND/liter. RON 95-III gasoline decreased by 79 VND/liter, diesel oil decreased by 64 VND/liter, kerosene decreased by 67 VND/liter. Only mazut oil increased by 5 VND/kg.

In this management period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-2311-bo-tui-them-khoang-1-cao-nhat-trong-2-tuan-294832.html