Specifically, the price of US WTI oil increased by 0.15 USD, trading at 76.19 USD/barrel. Meanwhile, the price of Brent oil traded at 80.73 USD/barrel, up 0.23 USD.
Last week, oil prices were affected by OPEC reports, US oil reserves, and concerns about global oil demand.
However, the imposition of sanctions on Russian shipping companies and tankers selling oil above the G7 price ceiling has helped oil prices recover.
This week, the minutes of the US Federal Open Market Committee (FOMC) meeting released on November 21 will provide more clarity on the US Federal Reserve's view on maintaining or reducing interest rates in the coming time.
In addition, US oil reserves and developments in the Middle East will still be factors affecting oil price fluctuations.
Goldman Sachs bank expects OPEC to review and ensure Brent oil prices at $80-100/barrel by 2024 at its meeting later this month.
Domestically, according to the Ministry of Industry and Trade, Decree 80 on petroleum trading takes effect from the signing date of November 17. Therefore, the price management period of the Ministry of Finance - Ministry of Industry and Trade will take place every Thursday instead of the 1st, 11th, and 21st of each month as before.
According to the Decree, this week, the domestic retail price of gasoline will be adjusted on November 23. It is expected that gasoline prices will be adjusted down slightly.
Since the beginning of the year, gasoline prices have undergone 32 adjustments, including 18 increases, 10 decreases, and 4 unchanged.
The retail price of gasoline in the country on November 20 is as follows: E5 RON 92 gasoline is not more than VND 22,274/liter; RON 95 gasoline is not more than VND 23,530/liter; diesel oil is not more than VND 20,888/liter; kerosene is not more than VND 21,512/liter; fuel oil is not more than VND 15,623/kg.
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