World slightly upswing; domestic mixed ups and downs

Today's gasoline and oil prices, November 1, WTI oil prices increased by approximately 2%, to 70.52 USD/barrel; Brent oil prices remained at 73.61 USD/barrel. Yesterday afternoon (October 31), domestic gasoline and oil prices were adjusted up and down in opposite directions, with gasoline prices decreasing and oil prices increasing.

Today's gasoline and oil prices, November 1, WTI oil prices increased by approximately 2%, Brent oil prices remained at 73.61 USD/barrel. Domestically, prices were adjusted up and down in opposite directions. (Source: VTC News)

Both benchmark oil futures had previously risen nearly 1% in the final trading session of October (October 31), after the market grasped reports that Iran was preparing to attack Israel.

Brent crude rose 61 cents, or 0.84 percent, to $73.16 a barrel. WTI crude rose 65 cents, or 0.95 percent, to $69.26 a barrel.

Reuters quoted a source from Axios as saying that Israeli intelligence has information that Iran is preparing to attack Israel in the coming days, possibly before the US presidential election (November 5).

A large number of drones and ballistic missiles are expected to be used in the attack. The report said that carrying out the attack through pro-Iranian militias in Iraq could be an attempt by Tehran to avoid another Israeli attack on strategic targets in Iran.

This could lead to the possibility of Israel attacking Iran again, according to Phil Flynn, senior analyst at Price Futures Group, warning that Iranian infrastructure may not be out of range.

Iran produces about 3.2 million barrels per day, equivalent to 3% of global output.

In the first trading session of the week, Brent and WTI oil prices dropped more than 6%, after Israel showed restraint in retaliatory attacks on Iran over the weekend.

In addition to the above price support information, another factor that helped oil prices accelerate in the trading session on October 31 was the possibility that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) would delay plans to increase oil production. OPEC+ members are expected to meet to decide on policy on December 1.

Meanwhile, in China, the world’s largest oil importer, manufacturing activity grew for the first time in six months in October. The purchasing managers’ index (PMI) from the National Bureau of Statistics rose to 50.1 from 49.8 in September, above the 50 mark that separates growth from contraction and beating the median forecast of 49.9 in a Reuters poll. This suggests that stimulus measures are working.

Rystad Energy’s Sahdev said that international events “converging” at the beginning of the month could make the oil market more volatile in November. According to Sahdev, those international events include the US presidential election, the continued weak demand outlook from China, OPEC+ instability and conflicts in the Middle East.

Domestic retail prices of gasoline on November 1 are as follows:

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

RON 95-III gasoline is not more than VND 20,503/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-to-date-111-the-gioi-leo-doc-nhe-trong-nuoc-tang-giam-trai-chieu-292170.html