World oil prices
At 6:00 a.m. on November 6, WTI oil price increased by 0.01 USD, equivalent to 0.01%, to 72 USD/barrel. Brent oil price increased by 0.45 USD, equivalent to 0.6%, to 75.63 USD/barrel.
Oil prices rose, supported by the possibility of a storm-related drop in U.S. Gulf of Mexico oil production and a weaker dollar on U.S. presidential election day.
Oil prices are rising on increased supply/demand dynamics, geopolitics and election fever, with a little bit of weather to add stability, said Bob Yawger, director of energy futures at Mizuho.
Oil prices also rose as OPEC+ said it would extend its production cuts of 2.2 million barrels per day into December, citing weak demand. Previously, OPEC+ had planned to increase monthly production by 180,000 barrels per day from December.
Oil prices continue to rise. (Photo: Minh Duc).
Walt Chancellor, energy strategist at Macquarie, said the extension of OPEC+ production cuts through the fourth quarter of 2024 raises doubts about the group’s commitment (or ability) to restore supply by 2025. The strategist also said OPEC+’s decision on November 3 could ease some concerns about a new OPEC+ “price war.”
Meanwhile, the CEO of the Italian energy company said that OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in the energy market and hindered investment in new production.
Output was at its lowest this year last month, with Iraq’s other efforts to meet its pledged cuts to the broader OPEC+ alliance capping gains.
Domestic gasoline prices
In the operating period on October 31, the price of E5 RON92 gasoline decreased by VND284/liter, not higher than VND19,408/liter; RON95 gasoline decreased by VND391/liter, not higher than VND20,503/liter.
In contrast to gasoline prices, oil prices increased simultaneously. Specifically, diesel increased by 91 VND/liter, not higher than 18,148 VND/liter; kerosene increased by 263 VND/liter, not higher than 18,833 VND/liter and fuel oil increased by 232 VND/kg, not higher than 16,461 VND/kg.
In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for E5 RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://vtcnews.vn/gasoline-price-today-6-11-tiep-tuc-di-len-ar905806.html
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