In the first trading session of the week on November 6 (Vietnam time), oil prices turned to increase due to concerns about tight supply after the decision of Saudi Arabia and Russia to maintain production cuts.
Russia will continue voluntary supply cuts of an additional 300,000 barrels per day from crude oil and oil product exports until the end of December, Russian Deputy Prime Minister Alexander Novak said.
Meanwhile, the Saudi Arabian Ministry of Energy also confirmed that the country will continue to voluntarily cut production by 1 million barrels per day until the end of the year.
On November 7 (Vietnam time), oil prices gradually stabilized as concerns about supply disruptions due to tensions in the Middle East eased.
UN leaders have called for a humanitarian ceasefire as health authorities in the region said the death toll from Israeli attacks had now passed 10,000.
In the trading session on November 8 (Vietnam time), oil prices fell more than 4% after China's economic data, the strengthening of the USD and increased US oil inventories.
The cuts could be extended into the first quarter of 2024 due to weaker seasonal oil demand at the start of the year, ongoing economic growth concerns and the goal of producers and OPEC+ to support market stability and balance, said UBS strategist Giovanni Staunovo.
Concerns about weakening demand in the US and China pushed oil prices down more than 2% to their lowest level in more than three months in trading on November 9 (Vietnam time).
On November 10 (Vietnam time), oil prices increased slightly due to signs of increased demand from China - the world's leading oil importer. The Governor of the People's Bank of China recently said that the Chinese economy is expected to achieve its target of 5% gross domestic product growth this year.
The upward momentum of oil prices was maintained into the final trading session of the week on November 11 (Vietnam time) with an increase of about 2% when Iraq voiced its support for OPEC+ oil cuts ahead of the group's meeting on November 26.
Thus, for the whole week, oil prices decreased by about 4%.
The retail prices of domestic gasoline on November 12 are as follows: E5 RON 92 gasoline is not more than VND 22,614/liter; RON 95 gasoline is not more than VND 23,929/liter; diesel oil is not more than VND 21,940/liter; kerosene is not more than VND 22,305/liter; fuel oil is not more than VND 16,240/kg.
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