World oil prices continue to fall today

World oil prices

WTI oil price closed the weekend trading session at 6:30 a.m. on November 5 (Vietnam time) at 80.89 USD/barrel, down 2.36% (equivalent to a decrease of 1.95 USD).

Brent oil price closed the weekend trading session at 6:30 a.m. on November 5 (Vietnam time) at 85.23 USD/barrel, down 2.26% (equivalent to a decrease of 1.96 USD).

Since the beginning of the week, oil prices have fluctuated unexpectedly, affecting investors and the world market. From the beginning of the week, world crude oil prices dropped sharply, then suddenly increased slightly (not significantly) and ended the weekend session deep in red.

Thus, oil prices this week plunged more than 6% as supply from the Middle East has not yet been affected by the Israel-Hamas conflict.

World crude oil prices continued to fall at the end of the week. (Illustration photo).

The fluctuations were driven by concerns about a possible conflict spreading in the Middle East, a rising US dollar, the US Federal Reserve keeping interest rates steady and weakening US oil demand.

According to Reuters, at the end of the week, oil prices fell more than 2% due to supply concerns (tensions in the Middle East eased), while employment data increased expectations that the US Federal Reserve could raise interest rates in the largest oil-consuming economy (China).

Hezbollah leader Sayyed Hassan Nasrallah, speaking for the first time since the Israel-Hamas war broke out, warned on Friday that a wider conflict in the Middle East could ensue.

Official data showed US job growth slowed more than expected in October, while wage inflation cooled, suggesting labour market conditions were easing.

The data reinforced the view that the Federal Reserve does not need to raise interest rates further.

On the Chinese side - the world's largest oil importer - a survey showed factory activity unexpectedly fell in October.

“The oil market will remain anchored on the deteriorating demand outlook and any further developments in the Israel-Hamas conflict will lead to supply disruptions,” said Moya, chief market analyst at OANDA.

Meanwhile, Saudi Arabia is expected to reconfirm its extension of voluntary oil output cuts of 1 million barrels per day until December, based on analysts' expectations.

In addition, the number of US oil and gas rigs fell sharply last week, ending a three-week streak of US companies increasing the number of oil and natural gas rigs.

Specifically, the number of oil and natural gas rigs last week decreased by 7 rigs to 618 active rigs in the week ending November 3.

On a monthly basis, the US oil rig count fell by eight last week to 496, while the gas rig count rose by one week to 118 as of November 3, MXV reported.

Domestic retail price of gasoline

The domestic retail price of gasoline on the morning of November 5 was applied according to the adjustment session from 3:00 p.m. on November 1 by the Ministry of Finance - Ministry of Industry and Trade. Accordingly, gasoline price increased by nearly 500 VND/liter and oil price decreased by nearly 600 VND/liter/kg.

Specifically, the price of E5 RON 92 gasoline increased by VND249/liter, to VND22,614/liter; RON 95 gasoline increased by VND416/liter, to VND23,929/liter.

Gasoline prices increased by nearly 500 VND/liter and oil prices decreased by nearly 600 VND/liter/kg at the operating session on November 1.

Meanwhile, diesel price decreased by 549 VND/liter, down to 21,940 VND/liter; kerosene decreased by 448 VND/liter, down to 22,305 VND/liter and fuel oil decreased by 373 VND/kg, down to 16,240 VND/kg.

Thus, from the beginning of the year until the latest adjustment this afternoon, gasoline prices have undergone 31 adjustments, including 19 increases, 9 decreases, and 3 unchanged.

PHAM DUY

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