The world regains momentum; domestically, oil prices climb sharply

Today's oil prices, November 8, the market is currently considering the policies that Donald Trump may put forth and the market is reacting to that prospect. Domestically, oil prices have increased following world oil prices.

Gasoline prices today, November 8, the market is currently considering the policies that Mr. Donald Trump may put forth and the market is reacting to that prospect. Domestically, gasoline prices have increased following world oil prices. (Photo: Ngoc Ha)

Oil prices regained momentum in trading on November 7. While the market weighed how President-elect Donald Trump’s policies would affect supply and as drillers cut production to prepare for Hurricane Rafael, oil prices rose nearly 1%, narrowing losses from the previous trading session.

Brent crude rose 71 cents, or 0.95 percent, to $75.63 a barrel. WTI crude rose 67 cents, or 0.93 percent, to $72.36 a barrel.

Andrew Lipow, president of Lipow Oil Associates, said oil prices were supported by expectations that the US administration under President Donald Trump could tighten sanctions on Iran and Venezuela, which could reduce oil supply in the market.

The market is now looking at the policies that Donald Trump might put in place and the market is reacting to that prospect, according to the president of Lipow Oil Associates.

During his previous term, Donald Trump imposed tougher sanctions on Iranian and Venezuelan oil. Those measures were briefly revoked under current President Joe Biden but later reinstated.

Also supporting prices during the session was the US Federal Reserve's decision to cut interest rates by a quarter of a percentage point at the end of its policy meeting. Rate cuts typically boost economic activity and energy demand.

In fact, supply cuts also helped. In the US Gulf Coast, more than 22%, or 391,214 barrels per day, of crude oil production was cut as oil fields were forced to shut in response to Hurricane Rafael.

Limiting gains during the session, the dollar index held at a two-week high despite falling nearly 1% after surging as markets digested news of Donald Trump’s victory. A stronger dollar makes it more expensive for holders of other currencies and tends to weigh on prices.

The downward pressure also came from data showing that China’s crude oil imports fell 9% in October, the sixth consecutive month of declines compared to the same period last year. Rising US gasoline and oil inventories also prevented oil prices from climbing higher during the session.

Domestic retail prices of gasoline on November 8 are as follows:

E5 RON 92 gasoline is not more than 19,744 VND/liter.

RON 95-III gasoline is not more than VND 20,854/liter.

Diesel oil not more than 18,917 VND/liter.

Kerosene not more than 19,294 VND/liter.

Fuel oil not exceeding 16,394 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price adjustment session on the afternoon of November 7. Because world gasoline and oil prices made a hat-trick of increases in the last 3 trading sessions and extended the increase to the first 2 trading sessions of this week, domestic gasoline and oil prices also followed suit, increasing. E5 RON 92 gasoline prices increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter. Oil prices increased more strongly with diesel increasing by 769 VND/liter, kerosene increasing by 461 VND/liter. Only mazut oil recorded a decrease of 67 VND/kg.

In this management 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-to-date-811-the-gioi-lay-lai-da-tang-trong-nuoc-gasoline-price-to-climb-doc-manh-292990.html