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Oil prices today November 22, 2024: World oil prices continue to increase by 2% due to supply concerns as the conflict between Russia and Ukraine escalates

Gasoline price today November 22, 2024

Recorded on Oilprice at 5:00 a.m. on November 22, 2024 (Vietnam time), WTI oil price was at 70.09 USD/barrel, up 1.95% (equivalent to an increase of 1.34 USD/barrel).

WTI oil price on the world market in the early morning of November 22, 2024 (Vietnam time)

Similarly, Brent oil price was at 74.22 USD/barrel, up 1.94% (equivalent to an increase of 1.41 USD/barrel).

Brent oil price on the world market in the early morning of November 22, 2024 (Vietnam time)

Oil prices rose nearly 2% today as tensions between Russia and Ukraine escalated rapidly as the two countries fired missiles at each other, raising market concerns about crude supplies if the conflict spreads.

Russian President Vladimir Putin recently said that Russia had launched a hypersonic medium-range ballistic missile at a Ukrainian military facility and warned the West that Moscow could attack the military facilities of any country that has weapons against Russia.

Putin said the West was escalating the conflict in Ukraine by allowing Kyiv to attack Russia with long-range missiles and that the war was becoming a global conflict.

This week, Ukraine fired US and British missiles at targets inside Russia despite warnings from Moscow that it would view such action as a serious escalation.

“ Market attention has now shifted to growing concerns about an escalation in the conflict in Ukraine ,” said Ole Hvalbye, commodities analyst at SEB. Russia is the world’s second-largest crude exporter after Saudi Arabia, so a major disruption could impact global supplies.

“ For oil, the risk lies in Ukraine targeting Russia’s energy infrastructure, while the other risk is uncertainty about how Russia will respond to these attacks ,” ING analysts said in a note.

The market was impacted by a 545,000-barrel increase in U.S. crude inventories to 430.3 million barrels in the week ended November 15, exceeding analysts' expectations. Gasoline stocks rose more than expected last week, while distillate inventories fell more than expected, according to data from the Energy Information Administration.

China on Thursday announced policy measures to boost trade, including supporting energy imports, amid concerns about U.S. President-elect Donald Trump's tariff threats.

OPEC+ is likely to delay a production increase when it meets on December 1 due to weak global oil demand, three OPEC+ sources familiar with the discussions said.

The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, pumps about half the world's oil. It had originally planned to gradually reverse the production cuts from late 2024 through 2025.

Meanwhile, Chicago Federal Reserve President Austan Goolsbee on Thursday reaffirmed his support for further rate cuts and a willingness to do so more slowly.

Slower-than-expected rate cuts have kept borrowing costs high for the time being, which could slow economic activity and reduce demand for oil.

Domestic retail gasoline prices on November 22, 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	19,343	-109
RON 95 gasoline	20,528	-79
Diesel	18,509	-64
Oil	18,921	-67
Fuel oil	16,014	+5

Specifically, the price of E5 RON 92 gasoline decreased by VND109/liter, down to VND19,343/liter; RON 95 gasoline decreased by VND79/liter, down to VND20,528/liter.

Diesel 0.05S price: Decreased by 64 VND/liter, down to 18,509 VND/liter; Kerosene decreased by 67 VND/liter, down to 18,921 VND/liter. Particularly, fuel oil 180CST 3.5S price increased by 5 VND/kg, at 16,014 VND/kg.

Gasoline price today November 22, 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 46 adjustment sessions, including 23 decrease sessions, 18 increase sessions and 6 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-22112024-gia-dau-tang-den-bao-gio-360205.html