Oil prices today November 16, 2024: Oil prices fell more than 2% due to weaker demand from China and the possibility of a slowdown in the pace of interest rate cuts by the FED.
Gasoline price today November 16, 2024
Recorded on Oilprice at 5:00 a.m. on November 16, 2024 (Vietnam time), WTI oil price was at 66.99 USD/barrel, down 2.47% (equivalent to a decrease of 1.70 USD/barrel).
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| WTI oil price on the world market in the early morning of November 16, 2024 (Vietnam time) |
Similarly, Brent oil price was at 71.09 USD/barrel, down 2.03% (equivalent to a decrease of 1.47 USD/barrel).
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| Brent oil price on the world market in the early morning of November 16, 2024 (Vietnam time) |
Oil prices fell more than 2% on Friday as investors worried about weaker demand from China and a possible slowdown in the pace of interest rate cuts by the U.S. Federal Reserve.
During the week, Brent crude oil prices fell about 4%, while WTI crude oil prices fell about 5%.
China's refineries processed 4.6% less crude oil in October than a year earlier due to plant closures and reduced operating rates at smaller independent refineries, data from the National Bureau of Statistics released Friday showed.
The country’s factory output growth slowed last month and demand in the property sector showed no signs of abating, adding to investor concerns about the economic health of the world’s biggest crude importer.
“ The headwinds from China continue and any stimulus they put in place could be impacted by the Trump administration’s new round of tariffs, ” said John Kilduff, partner at Again Capital in New York.
US President-elect Donald Trump has pledged to end China's most-favored-nation trade status and impose tariffs on Chinese imports exceeding 60% - much higher than the tariffs imposed during his first term.
Economists at Goldman Sachs Research have slightly lowered their 2025 growth forecast for China, the bank said in a note, following expectations of significant tariff increases under Trump.
“ However, we could downgrade further if the trade war continues to escalate ,” Jan Hatzius, chief economist at Goldman Sachs Research, said in the note.
Oil prices also fell this week as major forecasters pointed to slowing global oil demand.
“ Global oil demand is weakening. We have seen this for some time and it is mainly due to the slowing economic growth in China and the growing popularity of electric vehicles around the world ,” International Energy Agency (IEA) Executive Director Fatih Birol said at the COP29 summit.
The IEA forecasts global oil supply will exceed demand by more than 1 million barrels per day by 2025 even if OPEC+ continues to cut production. Meanwhile, OPEC has cut its forecast for global oil demand growth this year and in 2025, highlighting weakness in China, India and other regions.
U.S. retail sales rose slightly more than expected in October, suggesting the economy got off to a strong start in the fourth quarter. " This morning's economic data was strong and noteworthy, helping to stabilize things somewhat in terms of the U.S. demand picture ," said Kilduff of Again Capital.
The data added to debate among Federal Reserve policymakers over the pace and extent of rate cuts as investors continued to lower their expectations for a rate cut at the central bank's December meeting.
Lower interest rates typically boost economic growth, supporting fuel demand. However, Boston Federal Reserve Bank President Susan Collins did not rule out a rate cut in December, speaking on Bloomberg Television.
" Looking at those numbers, there's nothing that the Fed has to really go crazy about, I think the odds of a 25 basis rate cut in December have dropped to about 50-60% ," said Tim Snyder, chief economist at Matador Economics.
" I wouldn't be surprised if we don't see anything in December and have to wait and see how the year ends ," Snyder added.
Domestic retail gasoline prices on November 16, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 14 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,452 | -292 |
RON 95 gasoline | 20,607 | -247 |
Diesel | 18,573 | -344 |
Oil | 18,988 | -306 |
Fuel oil | 16,009 | -385 |
Specifically, the price of E5 RON 92 gasoline decreased by VND292/liter, down to VND19,452/liter; RON 95 gasoline decreased by VND247/liter, down to VND20,607/liter.
Diesel 0.05S price: Decreased by 344 VND/liter, down to 18,573 VND/liter; Kerosene decreased by 306 VND/liter, down to 18,988 VND/liter; Mazut 180CST 3.5S decreased by 385 VND/kg, down to 16,009 VND/kg.
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| Gasoline price today November 16, 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 45 adjustment sessions, including 22 decrease sessions, 18 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-16112024-gia-dau-giam-2-do-nhu-cau-cua-trung-quoc-yeu-hon-359072.html
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