Oil prices today November 4: Global commodity prices are expected to fall to a five-year low in 2025 amid a massive oil glut.
Gasoline price today November 4, 2024
Recorded on Oilprice at 5:00 a.m. on November 4, 2024 (Vietnam time), WTI oil price was at 69.33 USD/barrel, up 0.33% (equivalent to an increase of 0.23 USD/barrel).
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| WTI oil price on the world market in the early morning of November 4, 2024 (Vietnam time) |
Similarly, Brent oil price was at 72.94 USD/barrel, up 0.4% (equivalent to an increase of 0.29 USD/barrel).
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Brent oil price on the world market early morning November 4, 2024 (Vietnam time) |
Saudi Arabia and seven other oil-producing countries announced on Sunday that they will postpone plans to gradually increase oil production until the end of December, according to a press release posted on the website of the Organization of the Petroleum Exporting Countries.
No reason was given for the delay, but some analysts had expected it. Sunday's move appeared to be aimed at avoiding market turmoil, especially ahead of Tuesday's tense U.S. presidential election, which could spark volatility.
OPEC+ first announced in June that it would gradually increase production by an estimated 2.2 million barrels a day, or about 2 percent of global supply, in October, a major source of concern for the market. Then in September, the group announced a delay until at least December.
The group may also have decided not to increase production at this time because oil prices have recently fallen, as traders assess that immediate geopolitical risks related to the Israel-Hamas war have eased.
In October, amid concerns that a conflict between Israel and Iran could disrupt oil supplies, Brent crude, the international benchmark, briefly topped $80 a barrel. But prices fell to around $73 a barrel on Friday as the focus shifted to issues such as weak demand from China. Many analysts say even $80 a barrel is a relatively low price given the tensions in a key oil-producing region.
“ After putting geopolitical concerns aside, attention is once again turning to market fundamentals ,” analysts at JP Morgan wrote in a recent note.
OPEC+ includes Russia, Iraq, the United Arab Emirates and Kuwait. Some of these countries want to produce more oil but have struggled to find the right time to start easing the taps.
Domestic retail gasoline prices on November 4, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 31 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,408 | -284 |
RON 95 gasoline | 20,503 | -391 |
Diesel | 18,148 | +91 |
Oil | 18,833 | +263 |
Fuel oil | 16,461 | +232 |
Specifically, the price of E5 RON 92 gasoline decreased by VND284/liter, down to VND19,408/liter; RON 95 gasoline decreased by VND391/liter, down to VND20,503/liter.
Diesel 0.05S price: Increased by 91 VND/liter, at 18,148 VND/liter; Kerosene increased by 263 VND/liter, at 18,833 VND/liter; Mazut 180CST 3.5S increased by 232 VND/kg, at 16,461 VND/kg.
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| Gasoline price today November 4, 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 43 adjustment sessions, including 21 decrease sessions, 17 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-4112024-tiep-tuc-tang-356537.html
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