Mr. Trump was elected President, oil prices slipped slightly; this afternoon, how will domestic gasoline be adjusted?

Oil prices today, November 7, ended the trading session on November 6, oil prices slipped slightly as investors weighed the rise of the USD against the possibility that the foreign policy plans of newly elected US President Donald Trump could reduce global oil supplies. Domestically, it is likely to continue the upward momentum of the previous adjustment.

Today's gasoline and oil prices, November 7, slightly slipped after news of Mr. Trump's election as US President. Domestically, it is likely to continue the upward trend of the previous adjustment. (Photo: Ngoc Ha)

Oil prices slipped slightly at the end of trading on November 6 as investors weighed the rise of the US dollar against the possibility that US President-elect Donald Trump's foreign policy plans could reduce global oil supplies.

Brent crude fell 61 cents, or 0.81 percent, to $74.92 a barrel. WTI crude fell 30 cents, or 0.42 percent, to $71.69 a barrel.

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.

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

There has been an overreaction to the election results and Donald Trump’s victory, but the limiting factor for lower oil prices is the conflict in the Middle East, which could put pressure on supply, 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 support oil prices, said UBS analyst Giovanni Staunovo.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produces about 3.2 million barrels per day, or 3% of global output.

Trump’s support for Israeli Prime Minister Benjamin Netanyahu could increase instability in the Middle East, which could boost oil prices as investors assess the potential for disruptions to global oil supplies, said Andrew Lipow, president of Lipow Oil Associates.

Regarding US gasoline and oil inventories, the US Energy Information Administration said that in the week ending November 1, US oil inventories increased by 2.1 million barrels to 427.7 million barrels, nearly double the analysts' expectation of an increase of 1.1 million barrels. Gasoline and distillate inventories also increased in the same direction, increasing by 400,000 barrels and 2.9 million barrels, respectively.

Domestic retail prices of gasoline on November 7 are as follows:

E5 RON 92 gasoline is not more than 19,408 VND/liter.

RON 95-III gasoline is not more than 20,503 VND/liter.

Diesel oil not more than 18,148 VND/liter.

Kerosene not more than 18,833 VND/liter.

Fuel oil not exceeding 16,461 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Industry and Trade in the price management session this afternoon. Because world gasoline and oil prices have made a hat-trick of increases in the last 3 trading sessions and expanded the increase to the first 2 trading sessions this week, it is likely that domestic gasoline and oil prices will also increase, with gasoline prices increasing by about 300-400 VND/liter, and oil prices increasing more strongly, about 400-800 VND/liter (kg).

In the most recent price adjustment period, the price of E5 RON 92 gasoline decreased by VND 284/liter, RON 95-III gasoline decreased by VND 391/liter, diesel increased by VND 91/liter, kerosene increased by VND 263/liter, and fuel oil increased by VND 232/kg.

Source: https://baoquocte.vn/gasoline-price-to-drop-nearly-this-afternoon-711-trump-special-general-general-general-price-to-slip-nearly-this-afternoon-gasoline-in-the-country-will-be-adjusted-how-292870.html