Oil prices today, October 20, at the end of the trading session on October 19, oil prices continued to increase by more than 1% as traders remained worried that Israel's military campaign in Gaza could escalate into a regional conflict.
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| Oil prices today, October 20, continued to increase by more than 1% as traders remained worried that Israel's military campaign in Gaza could escalate. (Source: Reuters) |
Brent crude futures for December rose 88 cents, or 0.96%, to $92.38 a barrel, while WTI crude futures for November, which expire on Friday, rose $1.05, or 1.19%, to $89.37 a barrel. Notably, both Brent and WTI had fallen more than $1 at one point during the session.
There is still a lot of volatility and potential for escalation, especially from the Arab world, and that is really the problem, said John Kilduff, partner at Again Capital LLC in New York.
Supporting prices late in the session was a statement from US Federal Reserve Chairman Jerome Powell that the US central bank would “proceed cautiously” with future interest rate hikes.
Fed funds futures traders are pricing in a 39% chance the Fed will raise rates again in December, but just a 6% chance of a rate hike in November, according to CME Group's FedWatch tool.
Oil prices were capped after the US granted a six-month license to OPEC member Venezuela to trade in the energy sector after the government reached a deal with the opposition to ensure fair elections in 2024.
The deal is not expected to quickly expand Venezuela's oil production but could prompt some foreign companies to return to Venezuela's oil fields and more customers to pay cash for the country's crude, experts said.
Easing US oil sanctions on Venezuela is unlikely to require any policy changes by the current OPEC+ producer group as the recovery in output is likely to be gradual, OPEC+ sources said.
Oil prices rose about 2% on October 18 on concerns about global supply disruptions after OPEC member Iran called for an oil embargo on Israel over the conflict in Gaza and after the United States, the world's largest oil consumer, reported a drop in inventories.
Data from the US Energy Information Administration (EIA) showed that US crude and fuel inventories fell last week due to increased demand for diesel and heating oil. Specifically, distillate inventories fell by 3.2 million barrels to 113.8 million barrels; crude inventories fell by 4.5 million barrels to 419.7 million barrels, and gasoline inventories fell by 2.4 million barrels to 223.3 million barrels.
Domestic retail prices of gasoline on October 20 are as follows:
E5 RON 92 gasoline is not more than 19,846 VND/liter. RON 95-III gasoline is not more than 21,061 VND/liter. Diesel oil not more than 18,500 VND/liter. Kerosene not more than 18,790 VND/liter. Fuel oil not exceeding 15,911 VND/kg. |
The domestic retail price of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session on the afternoon of October 17. Although the world price of gasoline and oil increased last week, since the beginning of the new week, the price has decreased for 3 consecutive sessions, so it is likely that the domestic price of gasoline and oil will decrease. The forecast is that the price of gasoline will decrease by about 100-200 VND/liter, and the price of oil will decrease more.
In the most recent price adjustment period, the price of E5 RON 92 gasoline increased by VND996/liter, RON 95-III gasoline increased by VND1,258/liter, diesel increased by VND1,099/liter, kerosene increased by VND1,139/liter, and fuel oil increased by VND908/kg.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-2010-chao-lua-trung-dong-tiep-tuc-anh-huong-den-gia-dau-290728.html
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