Gasoline prices today, November 7: Mixed increases and decreases due to stronger USD

World oil prices

At 6:00 a.m. on November 7, the price of WTI oil increased by 0.08 USD, equivalent to 0.11%, to 71.77 USD/barrel. Meanwhile, the price of Brent oil decreased by 0.61 USD, equivalent to 0.81%, to 74.92 USD/barrel.

Oil prices fluctuated due to the stronger US dollar after the US presidential election.

According to Reuters , the US presidential election and especially the initial vote count results caused a major sell-off that sent oil prices down more than $2 in the session as the US dollar strengthened. A strong US dollar means that dollar-priced commodities such as oil become more expensive for holders of other currencies, putting pressure on prices.

Gasoline prices fluctuate in opposite directions. (Photo: Minh Duc).

“All the initial excitement and selling enthusiasm has faded, and in the short term, the upside is more likely than the downside,” said Phil Flynn, senior analyst at Price Futures Group. He also said oil prices were trading in a narrow range as investors focused more on the near-term supply and demand outlook.

The market overreacted to the election results and Donald Trump’s victory, but the risk of conflict in the Middle East putting pressure on supply has limited the decline in oil prices, said John Kilduff, a partner at Again Capital in New York.

Former President Donald Trump’s re-election could also mean renewed sanctions on Iran and Venezuela, removing their oil from the market, which could send oil prices higher, UBS analyst Giovanni Staunovo said.

Domestic gasoline prices

In the operating period on October 31, the price of E5 RON92 gasoline decreased by VND284/liter, not higher than VND19,408/liter; RON95 gasoline decreased by VND391/liter, not higher than VND20,503/liter.

In contrast to gasoline prices, oil prices increased simultaneously. Specifically, diesel increased by 91 VND/liter, not higher than 18,148 VND/liter; kerosene increased by 263 VND/liter, not higher than 18,833 VND/liter and fuel oil increased by 232 VND/kg, not higher than 16,461 VND/kg.

In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for any products.

Ngoc Vy

Source: https://vtcnews.vn/gasoline-price-today-7-11-tang-giam-trai-chieu-do-usd-manh-len-ar906001.html