Oil prices still up more than 1% all week

Oil prices fell more than 2% on Friday as traders eased concerns about prolonged supply disruptions due to storms in the US Gulf Coast, while China's latest economic stimulus packages failed to impress.

Oil prices today, November 9, ending the last trading session of the week, oil prices fell more than 2% as traders were less concerned about prolonged supply disruptions. (Source: Reuters)

Brent crude fell 2.3%, or $1.76, to $73.87 a barrel. WTI crude fell 2.7%, or $1.98, to $70.35 a barrel.

Energy producers have halted more than 23% of oil production in the U.S. Gulf Coast in preparation for Hurricane Rafael, according to Reuters . However, the latest forecasts for the storm’s trajectory and intensity have reduced the risk that Rafael poses to oil production.

The threat of supply shortages caused by Hurricane Rafael is easing, said Alex Hodes, an analyst at brokerage StoneX.

Meanwhile, the latest round of financial support from China, the world’s top oil importer, disappointed oil investors. While the Chinese government announced a package to ease local government debt servicing stress, the measures have had no direct impact on demand, said UBS analyst Giovanni Staunovo.

The analyst speculated that some market participants had hoped for more stimulus from China but the decision weighed on oil prices in early trading.

Deflationary pressures on China’s economy have weighed heavily on oil prices this year, with customs data showing the East Asian nation’s crude oil imports fell for a sixth straight month in October compared to the same period last year.

The US Federal Reserve's decision to cut interest rates by 0.25 percentage points on November 7 limited the session's gains.

Despite the plunge in oil prices in the last trading session, oil prices still rose more than 1% for the week. The main factor supporting oil prices this week was the expectation that US President-elect Donald Trump would tighten sanctions on Iran and Venezuela, which could reduce oil supplies to the world market.

Domestic retail prices of gasoline on November 9 are as follows:

E5 RON 92 gasoline is not more than 19,744 VND/liter.

RON 95-III gasoline is not more than VND 20,854/liter.

Diesel oil not more than 18,917 VND/liter.

Kerosene not more than 19,294 VND/liter.

Fuel oil not exceeding 16,394 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 7. Because world gasoline and oil prices made a hat-trick of increases in the last 3 trading sessions and extended the increase to the first 2 trading sessions of this week, domestic gasoline and oil prices also followed suit, increasing. E5 RON 92 gasoline prices increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter. Oil prices increased more strongly with diesel increasing by 769 VND/liter, kerosene increasing by 461 VND/liter. Only mazut oil recorded a decrease of 67 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-911-ca-tuan-gia-dau-van-tang-hon-1-293120.html