No change yet, "holding breath" waiting for new developments

Today's oil price, November 4, last week, oil prices increased in 3 sessions and decreased in 2 sessions. However, the increase could not help oil prices "recover" all the "losses" from the shocking drop in the first trading session of the week (down more than 6%).

Giá xăng dầu hôm nay 4/11: Chưa có sự biến động, 'nín thở' chờ diễn biến mới

Oil prices today, November 4, both WTI and Brent are 'anchored' at the end of last week. Prices have not fluctuated, 'waiting' for impact news. (Source: Oilprice)

According to Oilprice , at 5:30 a.m. on November 4 (Vietnam time), both WTI and Brent crude oil were "anchored" at the end of last week, at 69.49 USD/barrel and 73.1 USD/barrel, respectively. Prices have not fluctuated, "waiting" for impact news.

Last week, oil prices increased in 3 sessions and decreased in 2 sessions. However, the increase could not help oil prices "recover" all the "losses" from the shock drop in the first trading session of the week (down more than 6%). For the whole week, Brent oil prices decreased by about 4%, WTI oil prices decreased by about 3%.

Oil prices fell as there was no disruption to energy supplies from the Middle East following Israel's retaliation against Iran.

Although there were a number of factors supporting oil prices this week, they were not strong enough. One of those factors was the unexpected drop in US gasoline and oil inventories. According to the US Energy Information Administration, in the week ending October 25, US gasoline inventories fell by 2.7 million barrels to a two-year low; oil inventories fell by 500,000 barrels.

Another notable factor is the possibility that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may extend production cuts into 2025, abandoning plans to gradually increase output from December due to weak oil demand from China and rising non-OPEC supply.

While fighting continues between Israel and Lebanon, and Israel continues to launch ground and air strikes in the Gaza Strip, Iran remains “inactive” despite previous reports that Tehran may mobilize a large number of drones from Iraqi territory to attack Israel ahead of the US presidential election (November 5). News of Iran’s possible attack pushed oil prices up slightly in the final trading session of last week.

This week, developments in the Middle East geopolitical situation, the results of the US presidential election, the US Federal Reserve's (Fed) interest rate decision after the Federal Open Market Committee (FOMC) meeting, the US services purchasing managers' index (PMI), the US weekly jobless claims as well as the preliminary report on US consumer sentiment from the University of Michigan, and China's fiscal and monetary stimulus programs will be factors affecting oil price fluctuations.

The market is still pricing in a 25 basis point rate cut this week, bringing rates to a range of 4.5% - 4.75%.

On November 3, OPEC+ decided to postpone plans to increase oil production in December, maintaining downward pressure on the oil market.

Domestic retail prices of gasoline on November 4 are as follows:

E5 RON 92 gasoline is not more than 19,408 VND/liter.

RON 95-III gasoline is not more than 20,503 VND/liter.

Diesel oil not more than 18,148 VND/liter.

Kerosene not more than 18,833 VND/liter.

Fuel oil not exceeding 16,461 VND/kg.

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of October 31. Gasoline and oil prices have decreased and increased in opposite directions, with gasoline prices decreasing and oil prices increasing.

Thus, the price of gasoline has decreased 3 times in a row. The price of E5 RON 92 gasoline decreased by 284 VND/liter, RON 95-III gasoline decreased by 391 VND/liter, diesel increased by 91 VND/liter, kerosene increased by 263 VND/liter, and fuel oil increased by 232 VND/kg.

In this operating 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-411-chua-co-su-bien-dong-nin-tho-cho-dien-bien-moi-292513.html