WTI oil price decreased 0.67% to trade at 75.13 USD/barrel, while Brent oil traded at 80.58 USD/barrel, down 0.4 USD/barrel.
Oil prices have continued to fall ahead of the OPEC+ meeting. Many analysts believe that OPEC+ will likely continue to cut production at the meeting in the middle of this week on November 30.
However, disagreements involving African nations ahead of the meeting have shaken that possibility.
According to OPEC+, producers have had difficulty agreeing on production levels as two OPEC+ members, Angola and Nigeria, are seeking to increase production quotas compared to the levels agreed at the June meeting.
According to analysts, this week, OPEC+'s decision to continue cutting supply and the Israel-Hamas conflict after the end of the 4-day ceasefire agreement will be factors supporting oil prices.
However, US oil reserves and economic news, including the rebound of the US dollar, could push oil prices down further.
The market is expecting Saudi Arabia to extend its voluntary production cuts by another 1 million barrels per day until the end of December.
Last week, a report from the US Energy Information Administration showed that US crude oil inventories increased by 8.7 million barrels due to increased imports.
Meanwhile, China - the world's top oil consumer - emerged with a short-term economic bright spot in the form of new aid for the real estate sector.
However, China’s long-term outlook remains bleak, with analysts saying oil demand growth could slow to around 4% in the first half of 2024 as the property crisis weighs on diesel use.
The retail price of domestic gasoline on November 27 is as follows: E5 RON 92 gasoline is not more than VND 21,690/liter; RON 95 gasoline is not more than VND 23,024/liter; diesel oil is not more than VND 20,283/liter; kerosene is not more than VND 20,944/liter; fuel oil is not more than VND 15,638/kg.
Source
Comment (0)