Oil prices today November 12, 2024: World oil prices fell due to disappointment over China's economic stimulus, while supply looks set to increase in 2025.
Gasoline price today November 12, 2024
Recorded on Oilprice at 5:00 a.m. on November 12, 2024 (Vietnam time), WTI oil price was at 68.16 USD/barrel, down 3.17% (equivalent to a decrease of 2.23 USD/barrel).
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| WTI oil price on the world market in the early morning of November 12, 2024 (Vietnam time) |
Similarly, Brent oil price was at 71.94 USD/barrel, down 2.61% (equivalent to a decrease of 1.93 USD/barrel).
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| Brent oil price on the world market early morning November 12, 2024 (Vietnam time) |
Oil prices fell more than 2% on Tuesday after China’s latest economic stimulus plan disappointed investors looking for demand growth in the world’s second-largest oil consumer, while supply looks set to rise by 2025.
Phil Flynn, senior analyst at Price Futures Group, said Donald Trump's victory in the US election could continue to affect the market.
“ The election with Trump’s promise of ‘drill, drill, drill’ has taken away some of the incentive to invest for the long term ,” Flynn said.
The dollar index, which measures the value of the US dollar against a basket of foreign currencies, edged up from a high reached shortly after last week's US presidential election, as markets awaited more clarity on future US policy.
A stronger US dollar makes dollar-denominated commodities, such as oil, more expensive for holders of other currencies and tends to put pressure on prices.
In China, consumer prices rose at their slowest pace in four months in October while producer price deflation deepened, data released on Saturday showed, even as Beijing doubled stimulus measures to support the sluggish economy.
" China's inflation numbers have weakened again as markets worry about deflation, especially as the annual change in the producer price index continues to fall into negative territory... China's economic momentum remains negative ," said Achilleas Georgolopoulos, market analyst at brokerage XM.
Non-OPEC crude supply is expected to grow by 1.4 million barrels per day (bpd) in 2025 and 900,000 bpd in 2026, Bank of America Securities said in a note on Monday.
“ Significant non-OPEC growth next year and an unconvincing Chinese stimulus package could see inventories rise even without an OPEC+ increase ,” Bank of America noted.
In late September, OPEC+ said it would increase supply in December by 180,000 barrels per day, but earlier this month, members and allies reached a deal to postpone the supply increase until January.
The U.S. Offshore Production Administration said 25.7% of crude oil production and 13% of natural gas production remained shut due to Hurricane Rafael, which dissipated on Monday and left only a remnant of the storm in the central Gulf of Mexico.
Domestic retail gasoline prices on November 12, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 7 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,744 | +336 |
RON 95 gasoline | 20,854 | +351 |
Diesel | 18,917 | +769 |
Oil | 19,294 | +461 |
Fuel oil | 16,394 | -67 |
Specifically, the price of E5 RON 92 gasoline increased by VND336/liter, to VND19,744/liter; RON 95 gasoline increased by VND351/liter, to VND20,854/liter.
Diesel 0.05S price: Increased by 769 VND/liter, at 18,917 VND/liter; Kerosene increased by 461 VND/liter, at 19,294 VND/liter; Mazut 180CST 3.5S decreased by 67 VND/kg, down to 16,394 VND/kg.
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| Gasoline price today November 12, 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 44 adjustment sessions, including 21 decrease sessions, 18 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-12112024-tiep-da-giam-sau-358210.html
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