Gasoline price today 11/9: Turning down

World oil prices today

At 6:30 a.m. on November 9, WTI oil price decreased by 1.98 USD (equivalent to 2.74%) to 70.38 USD/barrel. Brent oil price decreased by 1.76 USD to 73.87 USD/barrel, equivalent to a decrease of 2.33%.

Oil prices ended the week down more than 2%. Traders were less concerned about prolonged supply disruptions due to storms in the US Gulf Coast, while China’s latest economic stimulus package failed to impress.

Energy producers have halted more than 23% of oil production in the U.S. Gulf Coast in preparation for Hurricane Rafael, according to Reuters . However, the latest forecasts for the storm’s trajectory and intensity have reduced the risk that Rafael poses to oil production.

The threat of supply shortages caused by Hurricane Rafael is easing, said Alex Hodes, an analyst at brokerage StoneX.

(Illustration: Oilprice)

Meanwhile, the latest round of financial support from China, the world’s top oil importer, has disappointed oil investors. While the Chinese government has announced a package to ease local government debt servicing stress, the measures have not had a direct impact on demand, said UBS analyst Giovanni Staunovo.

He speculated that some market participants were hoping for more stimulus from China but the decision weighed on oil prices in early trading.

Domestic gasoline prices

In the operating period on November 7, the price of E5 RON92 gasoline increased by 336 VND/liter, not higher than 19,744 VND/liter; the price of RON95 gasoline increased by 351 VND/liter, not higher than 20,854 VND/liter.

Meanwhile, the prices of many types of oil also increased: Diesel oil price increased by 769 VND/liter to 18,917 VND/liter; kerosene price increased by 461 VND/liter to 19,294 VND/liter. In contrast, fuel oil price decreased by 67 VND/kg, not higher than 16,394 VND/kg.

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

Cong Hieu

Source: https://vtcnews.vn/gasoline-price-today-9-11-quay-dau-giam-ar906371.html