In the first trading session of the week on November 20 (Vietnam time), the imposition of sanctions on Russian shipping companies and oil tankers selling above the G7 price ceiling caused oil prices to increase slightly.
Oil prices extended their gains to the session on November 21 (Vietnam time) due to the possibility of OPEC+ further production cuts in 2024.
Entering the session on November 22 (Vietnam time), oil prices continued to increase slightly in the context of a decrease in US gasoline inventories.
A report from the American Petroleum Institute (API) showed that US crude oil inventories increased by 9.05 million barrels as of November 17, more than six times higher than analysts' forecast of an increase of 1.467 million barrels. Meanwhile, US gasoline inventories decreased by 1.79 million barrels; distillate inventories also decreased by 3.51 million barrels.
By the trading session on November 23 (Vietnam time), oil prices plummeted as OPEC+ producers unexpectedly postponed a meeting on production cuts. According to Reuters, OPEC+ postponed the meeting scheduled for November 26 to November 30.
OPEC+ members are struggling to agree on the size of oil production cuts due to disagreements involving African countries. Two OPEC+ members, Angola and Nigeria, now want to increase their production quotas from the levels agreed at the June meeting.
In the last two trading sessions of the week on November 24 and 25 (Vietnam time), oil prices continued to fall by more than 2% due to expectations that OPEC+ will not cut production further next year.
In addition, according to Reuters, the first group of hostages freed from captivity in Gaza returned to Israel on November 24, the first day of the four-day ceasefire between Israel and Hamas, reducing geopolitical risks.
With three sessions of price increases and three sessions of price decreases, both Brent and WTI have marked another week of decline. This is the fifth consecutive week of price decline for oil prices.
Analysts say that next week, China’s economic data and new aid for the real estate sector could be factors that help oil prices rise slightly in the short term. However, US oil inventories will limit the upside momentum of oil prices.
The retail prices of domestic gasoline on November 26 are as follows: E5 RON 92 gasoline is not more than VND 21,690/liter; RON 95 gasoline is not more than VND 23,024/liter; diesel oil is not more than VND 20,283/liter; kerosene is not more than VND 20,944/liter; mazut oil is not more than VND 15,638/kg.
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