 |
| Oil prices today, November 14, ending the first trading session of the week, oil prices increased by more than 1%. (Source: AP) |
Brent crude futures rose $1.09, or 1.3%, to $82.52 a barrel. U.S. West Texas Intermediate (WTI) crude also rose $1.09, or 1.4%, to $78.26 a barrel.
According to Reuters , in its monthly report, OPEC said oil market fundamentals remain strong and blamed the fall in oil prices on speculators.
OPEC raised its forecast for global oil demand growth in 2023 to 2.46 million barrels per day, up 20,000 barrels per day from its previous forecast. OPEC sees demand growing by 2.25 million barrels per day in 2024, unchanged from last month's forecast.
“OPEC’s monthly oil market report appears to have pushed back demand concerns,” said Craig Erlam, senior market analyst at OANDA. The report also addressed overblown negative sentiment around Chinese demand while raising its demand growth forecast for this year and keeping it unchanged for next year, he said.
Oil prices rose after falling for much of the session, driven by reports of the US Treasury Department restricting Russian oil exports, according to UBS analyst Giovanni Staunovo.
Reuters quoted a source as saying that the US Treasury Department has sent notices to ship management companies about information about 100 ships that they suspect of violating Western sanctions on Russian oil.
Last week, the U.S. Energy Information Administration (EIA) said U.S. crude oil production will grow less than expected this year and demand will fall. On November 13, the EIA forecast that U.S. oil production will fall for a second straight month in December.
Weak economic data from No. 1 crude importer China last week also raised concerns about slowing demand, with Chinese refiners ordering lower supplies for December from Saudi Arabia, the world’s largest exporter.
However, oil prices may have found a bottom after falling about 4% last week and posting three consecutive weekly losses since May, said City Index analyst Fawad Razaqzada.
“As oil prices have weakened in the past few weeks, Saudi Arabia and Russia are likely to continue with voluntary supply cuts next year. This will limit the potential for oil prices to fall,” said analyst Razaqzada.
Last week, both Saudi Arabia and Russia confirmed they would continue voluntary oil production cuts of 1.3 million barrels per day until the end of the year.
In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of November 13 of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline is not more than 22,274 VND/liter. RON 95 gasoline is not more than 23,530 VND/liter. Diesel oil not more than 20,888 VND/liter. Kerosene not more than 21,512 VND/liter. Fuel oil not exceeding 15,623 VND/kg. |
In this management period, the joint ministries decided not to set aside and not to use the Price Stabilization Fund for all petroleum products.
Source
Comment (0)