Oil prices today November 11, 2024: Despite the plunge in world oil prices in the weekend trading session, oil prices still increased by more than 1% last week.
Gasoline price today November 11, 2024
Recorded on Oilprice at 5:00 a.m. on November 11, 2024 (Vietnam time), WTI oil price was at 70.43 USD/barrel, down 2.74% (equivalent to a decrease of 1.98 USD/barrel).
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| WTI oil price on the world market early morning November 11, 2024 (Vietnam time) |
Similarly, Brent oil price was at 73.9 USD/barrel, down 2.33% (equivalent to a decrease of 1.76 USD/barrel).
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| Brent oil price on the world market early morning of November 11, 2024 (Vietnam time) |
Brent crude prices rose more than 10% in early October before paring gains by the end of the month. Strong supply and weak demand, especially from China, kept prices in check as the market reassessed the risks to Middle East oil infrastructure.
Key risks to this forecast include the pace at which OPEC+ production cuts are eased, the outlook for global consumption growth, particularly in China, and ongoing geopolitical tensions. Global oil demand growth continues to lose momentum. Global demand, which is expected to reach 103 million barrels per day (mb/d) in 2024, is expected to grow by around 1 mb/d in 2025, down from 2 mb/d in 2023.
Global oil supply continues to grow. The expansion of global oil supply accelerated to 1.1 percent in the third quarter of 2024 (year-on-year). This increase was driven by production growth in advanced economies and Latin America and the Caribbean, as OPEC+ supply remained relatively stable over the period. Next year, global oil supply is expected to exceed demand by about 1.2 mb/d/day.
If realized, it would be the third-largest surplus in recent oil market history, after the imbalances during the pandemic-related shutdowns of 2020 and the oil price collapse of 1998. This oversupply is exacerbated by high levels of spare capacity, which represent a little over 7 percent of current global production. The size of the combined surplus and spare capacity by 2025 – if realized – is likely to limit the impact of potential geopolitical tensions on oil prices. Global growth and geopolitical tensions are the main risks to the oil price outlook.
Domestic retail gasoline prices on November 11, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 7 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,744 | +336 |
RON 95 gasoline | 20,854 | +351 |
Diesel | 18,917 | +769 |
Oil | 19,294 | +461 |
Fuel oil | 16,394 | -67 |
Specifically, the price of E5 RON 92 gasoline increased by VND336/liter, to VND19,744/liter; RON 95 gasoline increased by VND351/liter, to VND20,854/liter.
Diesel 0.05S price: Increased by 769 VND/liter, at 18,917 VND/liter; Kerosene increased by 461 VND/liter, at 19,294 VND/liter; Mazut 180CST 3.5S decreased by 67 VND/kg, down to 16,394 VND/kg.
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| Gasoline price today November 11, 2024. Illustration photo |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 44 adjustment sessions, including 21 decrease sessions, 18 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-11112024-gia-dau-con-giam-den-bao-gio-357994.html
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