Gasoline price today 11/11: Stagnant

Today's oil prices, November 11, recorded both Brent and WTI oil "stagnating", at 73.87 USD/barrel and 70.38 USD/barrel, respectively.

Gasoline prices today, November 11: Stagnant. (Source: Reuters)

According to Oilprice , both Brent and WTI are “stuck in place”. Brent is at $73.87/barrel, WTI is at $70.38/barrel.

Last week, a number of factors affected oil prices. These included the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to postpone plans to increase production in December; the strengthening of the US dollar; the results of the US presidential election; rising US oil inventories; concerns about damage caused by Hurricane Rafael to oil and gas infrastructure in the US Gulf Coast; the decision by the US Federal Reserve (Fed) to cut interest rates by another 0.25 percentage points; and a decrease in China's crude oil imports.

According to Oilprice, the oil market witnessed chaotic trading in the trading session on November 6, with oil prices falling early in the session before soaring, when the market grasped the information that Mr. Donald Trump defeated Ms. Kamala Harris in the 2024 US presidential election.

It’s not hard to decipher the mixed reactions in the oil market. On the one hand, U.S. oil producers are looking forward to fewer regulations on crude production under Trump, which means higher oil supplies and lower prices.

On the other hand, Mr Trump's victory also means there could be more sanctions on Iranian and Venezuelan oil, which would boost prices.

Although oil prices fell more than 2% in the last trading session of the week, this decrease was not enough to drag oil prices down for the whole week.

For the whole week, oil prices increased in 3 sessions, decreased in 2 sessions, increased by more than 1%, recording a week of price increase.

Domestic retail prices of gasoline on November 9 are as follows:

E5 RON 92 gasoline is not more than 19,744 VND/liter.

RON 95-III gasoline is not more than VND 20,854/liter.

Diesel oil not more than 18,917 VND/liter.

Kerosene not more than 19,294 VND/liter.

Fuel oil not exceeding 16,394 VND/kg.

The domestic retail price of gasoline and oil was adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of November 7. Because the world oil price made a hat-trick of increases in the last 3 trading sessions and extended the increase to the first 2 trading sessions of this week, the domestic oil price also followed the trend and increased.

The price of E5 RON 92 gasoline increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter. Oil prices increased more sharply with diesel increasing by 769 VND/liter, kerosene increasing by 461 VND/liter. Only fuel oil recorded a decrease of 67 VND/kg.

In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1111-giam-chan-tai-cho-293340.html