Specifically, Brent crude oil prices decreased by 2.5% to 91.91 USD/barrel. At the same time, US WTI crude oil prices also decreased by 3.5%, down to 85.83 USD.
In addition to the impact of US gasoline reserve figures, Jim Ritterbusch of Ritterbusch and Associates said that the downward pressure on oil prices today is due to concerns about China's future economic growth path. This could lead to adjustments in global oil demand.
Oil prices were partly affected by the strengthening of the USD. Meanwhile, concerns about supply remain. The European Union (EU) will ban imports of Russian crude oil from December 5 and Russian oil products from February 5, 2023.
In addition, oil prices were also under great pressure as commercial crude oil inventories increased sharply by 3.9 million barrels in the week ended November 4. While strategic oil reserves fell by 3.6 million barrels.
In addition, the US Energy Information Administration (EIA) has also cut the US energy demand outlook for 2023 and forecasted that US output next year will be 21% lower than previously expected.
Domestically, according to experts, gasoline prices may increase sharply in tomorrow's adjustment period (November 11). Since the beginning of the year, gasoline prices have undergone 29 adjustments, including 16 increases, 12 decreases and 1 stay.
Domestic retail prices of petroleum on November 10 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.
