In the first trading session of the week on November 27 (Vietnam time), oil prices continued to fall right before the OPEC+ meeting because producers had difficulty agreeing on production levels. Two OPEC+ members, Angola and Nigeria, wanted to increase production quotas compared to the level agreed at the meeting in June.
On November 28 (Vietnam time), oil prices continued to fall and slipped below $80/barrel as investors were cautious ahead of the OPEC+ meeting on supply restrictions until 2024.
The possibility that OPEC+ will extend or cut supply further, Kazakhstan's oil output will decrease due to storms, and the weakening of the US dollar supported oil prices to reverse upward in the trading session on November 29 (Vietnam time).
Oil prices extended their gains into the session on November 30 (Vietnam time), as investors focused on expectations that OPEC+ would cut new supplies and ignored increases in US crude, gasoline and distillate inventories.
A report from the US Energy Information Administration (EIA) showed that crude oil inventories increased by 1.6 million barrels, distillate products increased by 5.2 million barrels and gasoline inventories increased by 1.8 million barrels.
Oil prices fell on December 1 (Vietnam time) after OPEC+ producers agreed to cut production in the first quarter of 2024. The cuts will be announced by each member instead of the entire group.
At the last trading session of the week, December 2 (Vietnam time), the market was cautious with the latest production cut by OPEC+ and stagnant production activities around the world.
At a meeting on November 30, OPEC+ producers agreed to cut about 2.2 million barrels per day (bpd) in the first quarter of next year. That includes an additional 1.3 million bpd of voluntary cuts already made by Saudi Arabia and Russia.
Meanwhile, US Federal Reserve Chairman Jerome Powell said the US Central Bank will adjust interest rates cautiously.
The U.S. manufacturing sector remained subdued in November and factory employment fell, a survey showed. Investors are keeping a cautious eye on global manufacturing activity, which remained weak in November due to weak demand.
Thus, for the whole week, Brent oil price decreased by about 2.1%, WTI oil price decreased by more than 1.9%. This is also the 6th consecutive week of oil price decrease.
The retail price of gasoline in the country on December 3 is as follows: E5 RON 92 gasoline is not more than VND 21,799/liter; RON 95 gasoline is not more than VND 22,990/liter; diesel oil is not more than VND 20,196/liter; kerosene is not more than VND 21,116/liter; fuel oil is not more than VND 15,729/kg.
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