World oil prices
At 6:00 a.m. on November 8, WTI oil price increased by 0.13 USD, equivalent to 0.18%, to 72.23 USD/barrel. Brent oil price increased by 0.71 USD, equivalent to 0.95%, to 75.63 USD/barrel.
Oil prices edged up as the market weighed how President-elect Donald Trump's policies would affect supplies and as drillers cut output in preparation for Hurricane Rafael.
Andrew Lipow, president of Lipow Oil Associates, said oil prices were supported by expectations that the US administration under President Donald Trump could tighten sanctions on Iran and Venezuela, which could reduce oil supply in the market.
World oil prices continue to rise. (Photo: Kitco).
The market is now looking at the policies that Donald Trump might put in place and the market is reacting to that prospect, according to the president of Lipow Oil Associates.
During his previous term, Donald Trump imposed tougher sanctions on Iranian and Venezuelan oil. Those measures were briefly revoked under current President Joe Biden but have since been reinstated.
Also supporting prices during the session was the US Federal Reserve's decision to cut interest rates by another 0.25% after concluding its policy meeting. Rate cuts typically boost economic activity and energy demand.
Domestic gasoline prices
In the operating period on November 7, the price of E5 RON92 gasoline increased by 336 VND/liter, not higher than 19,744 VND/liter; the price of RON95 gasoline increased by 351 VND/liter, not higher than 20,854 VND/liter.
Meanwhile, the prices of many types of oil also increased: diesel price increased by 769 VND/liter, up to 18,917 VND/liter; kerosene price increased by 461 VND/liter, up to 19,294 VND/liter. In contrast, fuel oil price decreased by 67 VND/kg, not higher than 16,394 VND/kg.
In this period, the regulatory agency continues not to set aside or use the gasoline price stabilization fund for any products.
Source: https://vtcnews.vn/gasoline-price-today-8-11-tiep-tuc-di-len-ar906199.html
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