Oil prices today, October 11, oil prices have had a week of fluctuating within a narrow range despite volatile news when Mr. Donald Trump was re-elected as US President and Hurricane Rafael made landfall in the Gulf of Mexico.
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| Oil prices had a narrow week despite volatile news as Donald Trump was re-elected as US President and Hurricane Rafael made landfall in the Gulf of Mexico. (Source: Oilprice) |
Oil prices rose nearly 3% in the first trading session of the week, supported by the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to postpone the planned increase in production in December. Accordingly, OPEC+ will maintain the production cut of 2.2 million barrels/day in the last month of the year.
Oil prices extended their rally into a second session, rising about 50 cents. Support for oil prices was the possibility of a drop in U.S. Gulf of Mexico production due to a storm and a weaker dollar on Election Day.
However, as investors weighed the dollar's rally against the possibility that US President-elect Donald Trump's foreign policy plans could reduce global oil supplies, oil prices slipped, falling slightly in the third trading session.
Despite rising US crude inventories, oil prices quickly regained momentum in the fourth trading session, nearly 1%, narrowing the "loss" of the previous trading session. The market is still considering whether President-elect Donald Trump will tighten sanctions on Iran and Venezuela, which could reduce oil supply in the market. Meanwhile, oil drillers have been forced to cut production in the Gulf of Mexico, increasing preparations for Hurricane Rafael.
Another factor supporting prices was the decision by the US Federal Reserve to cut interest rates by another 25 basis points. Interest rate cuts usually boost economic activity and energy demand.
Hurricane Rafael’s change in trajectory and weakening in intensity helped ease concerns about prolonged supply disruptions in the U.S. Gulf Coast. In addition, China’s latest economic stimulus package was not impressive, pushing oil prices down more than 2% in the final trading session of the week.
With 3 sessions of increase and 2 sessions of decrease, oil prices this week increased by more than 1% with Brent oil closing the week at 73.87 USD/barrel, WTI oil price closing at 70.35 USD/barrel.
Thus, this week's oil price has established an increasing week, regaining about 1/3 of the "loss" of last week.
Domestic retail prices of gasoline on November 10 are as follows:
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 price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of November 7. Because the world oil price 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, the domestic oil price also followed the trend and increased.
The price of E5 RON 92 gasoline increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter. Oil prices increased more sharply with diesel increasing by 769 VND/liter, kerosene increasing by 461 VND/liter. Only fuel oil recorded a decrease of 67 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-1110-dao-dong-trong-bien-do-hep-293259.html
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