Specifically, Brent oil price decreased by 2.56 USD, equivalent to 2.6%, to 94.41 USD/barrel. At the same time, US WTI crude oil decreased by 2.88 USD, equivalent to 3.14%, to 88.91 USD/barrel.
As China is considering gradually lifting previously strict COVID prevention restrictions, on November 8, new cases increased in Guangzhou and some other cities in China, which have overshadowed this outlook.
In addition, Mr. Bob Yawger - head of the energy futures contract segment of Mizuho Bank (Japan) said that the market is having a certain level of skepticism surrounding the US election. Most investors are cautiously waiting to see the results in the world's largest oil consumer.
On November 8, the American Petroleum Institute (API) reported a major increase for crude oil this week. Accordingly, US crude oil reserves increased by 5.618 million barrels in the week ended on November 4, higher than the expected increase of only 1.1 million barrels.
According to the API, the country's crude oil reserves have increased by about 31 million barrels this year, while strategic oil reserves have decreased more than 6 times compared to that figure, down to 197 million barrels.
Notably, the US Energy Information Administration (EIA) cut the US energy demand outlook for 2023 and forecast the country's output next year to be 21% lower than previously estimated.
Currently, the market is still worried that high inflation and rising interest rates could fuel a global recession. Traders are paying close attention to the US consumer price report on November 10 for more information.
Domestic retail prices of petroleum on November 9 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.
