Russia-Ukraine conflict "stirred up" the market, oil prices witnessed a week of soaring more than 5%

Oil prices today, November 25, last week, the risk of escalating the Russia-Ukraine conflict was the focus of investor concern and was also the main factor supporting oil prices to skyrocket by more than 5%.

Oil prices today, November 25. Last week, the risk of escalating the Russia-Ukraine conflict was the focus of investor concern, causing oil prices to spike by more than 5%. (Source: Getty)

Several factors are driving up prices, including falling output at some oil fields and the possibility of increased Chinese oil imports in November.

In the 5 trading sessions of the week, oil prices increased in 4 sessions and decreased slightly in the mid-week trading session.

Oil prices rose after reports that crude production at Norway's Johan Sverdrup oil field was halted due to a power outage, while output at Kazakhstan's largest oil field fell by approximately 30% due to repairs, Reuters reported.

Oil prices accelerated as geopolitical risks increased, following flare-ups from both Ukraine and Russia.

After receiving the green light from US President Joe Biden, Ukraine used long-range ATACMS missiles to attack deep into Russian territory. Not stopping there, Ukraine continued to fire British Storm Shadow missiles at targets inside Russian territory.

In response, Russia launched hypersonic intermediate-range ballistic missiles at Ukrainian military facilities. Russian President Vladimir Putin warned the West about Moscow's ability to attack the military facilities of any country that has weapons against Russia.

These new moves by both Russia and Ukraine have increased the conflict between the two sides, causing investors to worry about supply disruptions, especially in the context that the Organization of the Petroleum Exporting Countries and its allies (OPEC +) is likely to maintain voluntary production cuts in December, instead of the previous plan to increase production.

If it weren't for price-limiting factors such as the strong USD to 107, the partial restoration of production at the Johan Sverdrup field, and rising US oil inventories, oil prices could have reached a higher level.

This week, in addition to the Russia-Ukraine conflict, developments in the Middle East, data on US consumer confidence, and the core personal consumption expenditure (PCE) report - one of the US Federal Reserve's (Fed) preferred inflation measures that reveals the Fed's interest rate easing cycle - will be factors affecting the increase or decrease of oil prices.

Domestic retail prices of gasoline on November 25 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/gasoline-price-today-2511-conflict-nga-ukraine-khuay-dong-thi-truong-gasoline-price-to-stock-increases-by-5-week-295018.html