Specifically, the price of US WTI crude oil was trading at 74.85 USD/barrel, up 0.50 USD/barrel. Meanwhile, Brent crude oil was trading at 79.63 USD/barrel, up 0.48 USD/barrel.
Oil prices rose again after OPEC+ members decided to voluntarily cut production by about 2.2 million barrels per day. The OPEC+ meeting on November 30 ended with the voluntary cuts of each member instead of a joint statement of the group.
According to Dailyfx, the lack of consensus among OPEC+ members on increasing or decreasing production has raised questions about the effectiveness and cohesion of this group.
Also at this meeting, OPEC+ said that Brazil - South America's largest producer - will join OPEC in January 2024.
The forecast of a potential surplus in 2024 contributed to the OPEC+ decision, but cuts extending through the first quarter of 2024 could significantly reduce the surplus.
This week, oil prices may be affected by the services PMI report - an important indicator for the US economy which is mainly based on services; information on the state of the US labor market through non-farm payrolls; US petroleum inventories, fluctuations in the USD, developments surrounding the Israel - Hamas conflict.
According to analysts, if OPEC+ members comply with their production cut commitments, oil prices will regain momentum next year. In particular, Brent crude oil prices could reach $100/barrel.
The retail price of gasoline in the country on December 4 is as follows: E5 RON 92 gasoline is not more than VND 21,799/liter; RON 95 gasoline is not more than VND 22,990/liter; diesel oil is not more than VND 20,196/liter; kerosene is not more than VND 21,116/liter; fuel oil is not more than VND 15,729/kg.
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