Specifically, Brent crude oil price decreased by 2.07 USD, equivalent to 2.5%, to 79.70 USD/barrel. US WTI crude oil price decreased by 2.04 USD, equivalent to 2.6%, to 75.33 USD.
According to analysts, oil prices have fallen sharply amid a weakening global economic outlook and slowing demand.
Although China increased its oil imports in October, its total exports of goods and services fell at a faster pace than expected, suggesting that the Chinese economy is not showing signs of recovery as expected, raising concerns that oil demand will weaken.
China's dollar-denominated exports fell 6.4 percent in October from a year earlier, according to a recent Reuters poll.
The US Energy Information Administration (EIA) has just forecast that the country's total petroleum consumption will decrease by 300,000 barrels/day this year, contrary to the previous forecast of an increase of 100,000 barrels/day.
Also weighing on prices was a rise in U.S. crude inventories of nearly 12 million barrels in the week ended November 3, nearly nine times the previous week's inventory level, according to data from the American Petroleum Institute.
Oil prices also fell due to concerns that a warmer-than-expected winter could reduce demand for energy and fuel.
On the supply side, analysts from Goldman Sachs estimate that seaborne oil exports from six OPEC countries will be just 600,000 barrels per day lower than April levels. OPEC has announced production cuts of up to 2 million barrels per day since April this year.
In another development, Moscow is considering lifting an export ban on some gasoline grades. Barclays has cut its 2024 Brent price forecast by $4 to $93 a barrel.
The retail price of domestic gasoline on November 9 is as follows: E5 RON 92 gasoline is not more than VND 22,614/liter; RON 95 gasoline is not more than VND 23,929/liter; diesel oil is not more than VND 21,940/liter; kerosene is not more than VND 22,305/liter; fuel oil is not more than VND 16,240/kg.
Source
Comment (0)