Specifically, Brent oil price decreased by 0.45 USD, down to 81.52 USD/barrel. US WTI oil prices fell by 0.98 USD, down to 76.63 USD/barrel.
According to Reuters, OPEC+ postponed the meeting scheduled to take place on November 26 to November 30. This decision of OPEC+ caused oil prices to decrease in today's trading session.
Dennis Kissler, senior vice president for transactions at BOK Financial, said the delay raised concerns that more oil products from oil producers will be available in the coming months.
In addition, oil prices were affected by the news of increased US oil inventories, reflecting weak consumption.
A recent report by the American Petroleum Institute (API) showed that US oil inventories increased by 9.1 million barrels in the week ended on November 17, while the forecast increased by only 1.2 million barrels.
US oil inventories typically tend to increase in the fourth quarter of each year due to weaker demand after experiencing a peak consumption season. In addition, usually before the Thanksgiving holiday in the US, oil trading volume is quite low.
In addition, the US dollar has recovered from a more than two-month low, making USD oil more expensive for buyers in other currencies.
Domestic retail prices of petroleum will be adjusted this afternoon according to Decree 80 on petroleum trading effective from November 17. According to this decree, the price adjustment period of the joint venture of the Ministry of Finance - Industry and Trade will take place on every Friday instead of the 1st, 11th, and 21st of each month as before.
It is expected that gasoline prices will be adjusted down slightly with gasoline decreasing by about 100 VND/liter, oil decreasing more strongly by about 500 VND/liter (kg).
Since the beginning of the year, gasoline prices have undergone 32 adjustments, including 18 increases, 10 decreases and 4 unchanged increases.
Domestic retail prices of petroleum on November 23 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,274/liter; RON 95 gasoline is not more than VND 23,530/liter; diesel is not more than VND 20,888/liter; kerosene is not more than VND 21,512/liter; mazut is not more than VND 15,623/kg.
