Oil prices today, November 24, this week, the strong re-emergence of geopolitical risks has supported oil prices to rebound strongly.
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| Oil prices today, November 24, this week, the strong re-emergence of geopolitical risks has supported oil prices to turn around and increase sharply. (Source: Oilprice) |
In the first trading session of the week, oil prices "pocketed" more than 2 USD when the market received information that crude oil production at Norway's Johan Sverdrup oil field was suspended due to a power outage and concerns about the escalation of the Russia-Ukraine conflict after US President Joe Biden allowed Ukraine to use long-range missiles to attack deep into Russian territory.
Oil prices continued to climb in the second trading session. Trading was thin in this session because investors were cautious about signs of escalating tensions between Russia and Ukraine and the balance between price-supporting factors (production at Kazakhstan's largest oil field decreased by approximately 30% due to repairs, the possibility of China increasing oil imports in November) and price-limiting factors (a strong USD, and partial production at the Johan Sverdrup field being restored).
The increase in US petroleum inventories caused oil prices to lose momentum, falling about 50 cents in the third trading session. According to the US Energy Information Administration, in the week ending November 15, US petroleum inventories increased by 2.1 million barrels, and oil inventories increased by 500,000 barrels.
The rapidly escalating Russia-Ukraine conflict has raised concerns about supply shortages, helping oil prices regain green. In the fourth trading session, oil prices rose nearly 2% after Russian President Vladimir Putin said Russia had launched a hypersonic medium-range ballistic missile at a Ukrainian military facility, while warning the West about Moscow's ability to attack military facilities of any country with weapons against Russia. This new move by Russia is in response to Ukraine's two launches of US ATACMS and British Storm Shadow missiles at targets inside Russian territory.
Continuing the momentum, oil prices accelerated by about 1% in the last trading session of the week.
With 4 sessions of increase and 1 session of decrease, oil prices this week marked a strong week of increase: Brent oil increased by approximately 6% to 75.17 USD/barrel, WTI oil increased by more than 6% to 71.24 USD/barrel. Both benchmark oil products reached their highest levels in the past 2 weeks.
Domestic retail prices of gasoline on November 24 are as follows:
E5 RON 92 gasoline is not more than 19,343 VND/liter. RON 95-III gasoline is not more than 20,528 VND/liter. Diesel oil not more than 18,509 VND/liter. Kerosene not more than 18,921 VND/liter. Fuel oil not exceeding 16,014 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 21. Because the world oil price "plummeted" last week but recovered slightly this week, the domestic oil price also continued to decrease with a slight decrease. The price of E5 RON 92 gasoline decreased the most, by 109 VND/liter. RON 95-III gasoline decreased by 79 VND/liter, diesel oil decreased by 64 VND/liter, kerosene decreased by 67 VND/liter. Only mazut oil increased by 5 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/gia-xang-dau-hom-nay-2411-tuan-bat-tang-do-tac-dong-tu-rui-ro-dia-chinh-tri-294910.html
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