Specifically, Brent oil price decreased by 1.58 USD, equivalent to 1.6%, to 96.98 USD/barrel. At the same time, US WTI oil prices fell by 1.77 USD, equivalent to 1.9%, to 90.84 USD/barrel.
Tina Teng, an analyst at CMC Markets, said that oil prices have fallen sharply as Chinese officials have pledged to maintain a Zero COVID policy. This reduces the outlook for demand for "black gold".
In addition, the possibility of Russian crude oil still being guaranteed for trading is also a factor that pushes oil prices down. According to experts, as a rule, if Russian crude oil is still at sea, oil prices must be sold at a ceiling or lower. But after unloading, oil can be sold at market prices.
Thus, to avoid the factor of "imported oil by sea from Russia", oil buyers can use ships carrying Russian oil elsewhere, without going by sea from Russia again...
This week, the US Energy Information Administration (EIA) will give a short-term energy outlook. The US consumer price index will also be revealed.
Investors are waiting for these important metrics to have an in-depth look at the US inflation rate and also to predict the Fed's next steps to curb inflation at a high level.
Domestic retail prices of petroleum on November 7 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,873/liter; RON 95 gasoline is not more than VND 22,756/liter; diesel is not more than VND 25,070/liter; kerosene is not more than VND 23,783/liter and mazut is not more than VND 14,082/kg.
