The world is up slightly; will the domestic market increase or decrease this afternoon?

Today, October 24, the world oil price increased slightly. Domestically, the oil price in this afternoon's adjustment period is likely to continue the downward trend from last week.

Today, October 24, the world oil price increased slightly. Domestically, the oil price in this afternoon's adjustment period is likely to continue the downward trend from last week. (Photo: Ngoc Ha)

According to Oilprice , at the beginning of the trading session on October 24 (Vietnam time), WTI oil price increased slightly by 30 cents while Brent oil price remained "anchored" at 74.96 USD/barrel.

A larger-than-expected increase in US oil inventories sent oil prices down more than 1% in trading on October 23.

Brent crude fell $1.08, or 1.42 percent, to $74.96 a barrel. WTI crude fell 97 cents, or 1.35 percent, to $70.77 a barrel.

Oil prices fell more than 7% last week on concerns about Chinese demand and easing concerns about potential disruptions to Middle East supplies. Prices rebounded in the first two trading sessions of the week as buyers emerged.

However, oil prices fell after oil inventory data from the US Energy Information Administration (EIA). According to the agency, US crude oil inventories rose by 5.5 million barrels to 426 million barrels in the week ending October 18, exceeding analysts' expectations for an increase of 270,000 barrels and higher than the 1.64 million barrel increase previously reported by the American Petroleum Institute.

The large build in crude oil inventories more than offset the previous week’s decline, said Andrew Lipow, president of Lipow Oil Associates. The increase in inventories was largely due to a rebound in crude oil imports, Lipow said.

Refining runs continued to rise as facilities wrapped up fall maintenance, generating a rise in gasoline output while distillates fell slightly last week, analysts said.

Also weighing on oil prices was the dollar index, which rose to its highest level since late July. A stronger dollar can reduce demand for dollar-priced oil from buyers using other currencies.

The impact of the build in crude inventories on prices was somewhat offset by persistent concerns about potential oil supply risks from conflict in the Middle East.

“The market is still waiting for Israel’s response to the Iranian missile attack,” ING analysts said, adding that there was still no outcome from US Secretary of State Antony Blinken’s latest visit to Israel.

Market participants are pricing in a longer-term conflict in the Middle East, while a ceasefire deal is likely to hit a stalemate, said IG market strategist Yeap Jun Rong.

Domestic retail prices of gasoline on October 24 are as follows:

E5 RON 92 gasoline is not more than 19,846 VND/liter.

RON 95-III gasoline is not more than 21,061 VND/liter.

Diesel oil not more than 18,500 VND/liter.

Kerosene not more than 18,790 VND/liter.

Fuel oil not exceeding 15,911 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. Although world gasoline and oil prices increased in two sessions at the beginning of this week with a total increase of about 4%, but because the price last week decreased sharply by more than 7% and yesterday's trading session decreased by more than 1%, it is highly likely that domestic gasoline and oil prices will continue to decrease in the previous management session. Gasoline prices are forecast to decrease by 50-150 VND/liter. Oil prices will decrease more, 200-400 VND/liter (kg).

In the most recent price adjustment period of the joint ministries, the price of E5 RON 92 gasoline decreased by 116 VND/liter, RON 95-III gasoline decreased by 99 VND/liter, diesel oil decreased by 179 VND/liter, kerosene decreased by 163 VND/liter, and fuel oil increased by 179 VND/kg.

Source: https://baoquocte.vn/gasoline-price-today-2410-the-gioi-tang-nhe-trong-nuoc-chieu-nay-se-tang-hay-giam-291181.html