Brent oil climbs slightly, WTI oil "stagnates"

Oil prices today, October 25, WTI oil prices increased slightly by 0.37%, Brent oil prices "steadied" at 74.38 USD/barrel. Previously, oil prices ended the volatile trading session on October 24 with a slight decrease of less than 1% when the market received information that the US and Israel will try to restart negotiations on a possible ceasefire in Gaza.

Oil prices today, October 25, WTI oil price increased slightly by 0.37%, Brent oil price 'steadied' at 74.38 USD/barrel. (Source: Oilprice)

Accordingly, Brent oil price decreased by 58 cents, equivalent to 0.8%, to 74.38 USD/barrel. WTI oil price decreased by 58 cents, equivalent to 0.8%, to 70.19 USD/barrel.

The two oil benchmarks gave up gains of more than $1 earlier in the session, supported by concerns that the ongoing conflict in the Middle East could disrupt oil supplies.

Energy prices will continue to be volatile as Middle East risk premiums rise and fall almost daily, analysts at energy consultancy Ritterbusch and Associates said.

Brent crude oil prices rose about 8% in the week ending October 4 on concerns that Israel would attack Iran's oil infrastructure in response to Iran's missile attack on the country on October 1, Reuters reported.

Then, in the week ending October 18, oil prices completely gave up their earlier gains with a plunge of about 8% as reports that Israel would not attack Iran's energy infrastructure eased concerns about supply disruptions in the Middle East.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced about 4 million barrels per day in 2023, according to data from the U.S. Energy Information Administration. This year, Iran is expected to export about 1.5 million barrels per day, up from an estimated 1.4 million barrels per day in 2023.

Meanwhile, in Europe, eurozone business activity continued to stagnate this month as both domestic and foreign demand fell despite firms barely raising prices.

In Britain, the results of two surveys published on October 24, six days before Chancellor of the Exchequer Rachel Reeves tries to strike a balance between tax increases and boosting growth in the new government's first budget, show that optimism among British companies has fallen sharply.

In the US, new unemployment claims unexpectedly fell last week, but the number of people receiving benefits in mid-October was the highest in nearly three years.

Domestic retail prices of gasoline on October 25 are as follows:

E5 RON 92 gasoline is not more than 19,692 VND/liter.

RON 95-III gasoline is not more than 20,894 VND/liter.

Diesel oil not more than 18,057 VND/liter.

Kerosene not more than 18,570 VND/liter.

Fuel oil not exceeding 16,229 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of October 24. The price of E5 RON 92 gasoline decreased by 38 VND/liter, RON 95-III gasoline decreased by 68 VND/liter, diesel oil decreased by 264 VND/liter, kerosene decreased by 57 VND/liter. Only mazut oil increased by 139 VND/kg. Thus, this is the second consecutive price reduction of domestic gasoline prices.

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-2510-dau-brent-leo-doc-nhe-dau-wti-chung-291333.html