Brent and WTI oil both increased

Today's oil prices, October 21, both Brent and WTI crude oil prices increased by about 30 cents. Last week, oil prices failed to complete a hat-trick of weekly increases, recording a week of unexpected declines of more than 7%.

Today's oil prices, October 21, both Brent and WTI crude oil prices increased by about 30 cents. Last week, oil prices failed to complete a hat-trick of weekly increases, recording a week of unexpected decline of more than 7%. (Source: Oilprice)

The main factor that caused the red color to dominate almost all trading sessions was concerns about the decline in global oil demand. Citing the decrease in demand from China, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have cut their forecasts for global oil demand growth this year.

OPEC said demand would increase by 1.93 million barrels per day, down 0.1 million barrels from last month's forecast. Similarly, the IEA forecast demand would increase by 860,000 barrels per day, down 40,000 barrels per day from its previous forecast.

Economic data from China showed that economic growth in the country slowed to 4.6% in the third quarter of this year. Notably, the country's oil refining activity recorded its fifth consecutive monthly decline. In the first nine months of the year, China's crude oil imports fell nearly 3% compared to the same period last year, to 10.99 million barrels per day.

The news that Israel will not attack Iran’s nuclear and oil facilities has eased concerns about supply disruptions in the Middle East, helping to cool oil prices. However, Israel’s stepped-up attacks in Gaza and Lebanon over the weekend have worsened the geopolitical situation in the Middle East, with investors worried that conflict could escalate in the region.

Investors also focused on U.S. economic data. U.S. retail sales rose 0.4 percent in September, beating expectations for a 0.3 percent gain. The growth reinforced expectations that the Federal Reserve will not need to make any more large rate cuts in the near future. However, markets are still pricing in two more 25-basis-point rate cuts before the end of the year, extending the Fed's rate-cutting cycle through September next year.

Investors will continue to monitor tensions in the Middle East, U.S. oil inventories and other notable economic data from China and the U.S. This week, the People’s Bank of China is expected to cut its benchmark lending rate today, the latest in a series of monetary, fiscal and liquidity support measures by Beijing to support the property sector, revive growth and fight deflation.

Domestic retail prices of gasoline on October 21 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 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-2110-dau-brent-va-wti-cung-tang-290834.html