Slight increase on news that Iran may retaliate against Israel

Oil prices today, November 2, increased slightly due to information that Iran is preparing to retaliate against Israel from Iraq in the coming days, but record US production has put pressure on prices.

Oil prices today, November 2, oil prices increased slightly due to information that Iran is preparing to retaliate against Israel from Iraq in the coming days, but record US production has put pressure on prices. (Source: Oilprice)

End of the last trading session of the week (November 1),

Brent crude rose 29 cents, or 0.4%, to $73.10 a barrel. U.S. West Texas Intermediate crude rose 23 cents, or 0.3%, to $69.49 a barrel. Both benchmarks rose more than $2 during the session.

For the week, Brent crude fell about 4%, while WTI crude fell about 3%.

Oil prices were volatile during the session, according to SEB Research analyst Ole Hvalbye, as any additional response from Iran is likely to remain limited, similar to Israel's limited attack last weekend.

Previous Iranian airstrikes on Israel have caused only minor damage, according to Reuters .

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced about 4 million barrels of oil per day in 2023.

Iran is expected to export about 1.5 million barrels per day this year, up from an estimated 1.4 million barrels per day in 2023, according to analysts and US government reports.

Supporting oil prices, in addition to the above factors, is the expectation that OPEC and its allies (OPEC+) may delay their planned December oil production increase by a month or more due to concerns about weak oil demand and rising supply. The OPEC+ decision could come as early as next week.

While OPEC+ curbs output, US oil major Exxon Mobil says its global output has hit an all-time high.

The US Energy Information Administration also reported that this week, US oil production hit a record 13.5 million barrels per day.

Domestic retail prices of gasoline on November 2 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 price of gasoline and oil was adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of October 31. Gasoline and oil prices have decreased and increased in opposite directions, with gasoline prices decreasing and oil prices increasing.

Thus, the price of gasoline has decreased 3 times in a row. The price of E5 RON 92 gasoline decreased by 284 VND/liter, RON 95-III gasoline decreased by 391 VND/liter, diesel increased by 91 VND/liter, kerosene increased by 263 VND/liter, and fuel oil increased by 232 VND/kg.

In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gasoline-price-today-211-increases-slightly-before-information-iran-co-kha-nang-tan-cong-tra-dua-israel-292291.html