Brent oil prices fell 0.8%, down to 81.05 USD/barrel. US WTI oil prices fell 1% to $76.35/barrel.
According to Reuters, OPEC+ postponed a meeting on oil production cuts in 2024, scheduled to take place from November 26 to November 30.
According to analysts, manufacturers are currently having difficulty in agreeing on output levels ahead of the meeting due to disagreements related to African countries.
OPEC+ members Angola and Nigeria are now looking to increase production quotas compared to the level agreed at the June meeting.
In addition, weak demand in the context of slowing global economic growth is still a major obstacle for oil prices.
Official data shows that the GDP of the eurozone in the third quarter decreased by 0.1% compared to the previous quarter. However, the PMI rose to 47.1 from nearly three-year low of 46.5 in October but remained below 50.
Traders also appeared quite cautious as the US entered the Thanksgiving holiday. Normally, oil trading volumes in the US are quite low before this holiday.
Phil personal, an analyst at Price Futures Group in Chicago, said the market could recover next week as traders return after the Thanksgiving holiday.
The USD has recovered from its lowest level in more than 2 months. The increase in the price of the US dollar makes oil more expensive for buyers in other currencies. That weakens oil demand.
In the country, yesterday afternoon, the retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade with the highest decrease in gasoline and oil prices at VND 584/liter and the highest decrease in oil prices at VND 605/liter. Notably, in the adjustment period, mazut oil prices increased slightly by 15 VND/kg.
In this price management, the joint ministry continued not to set aside and did not spend a price stabilization fund for all petroleum products.
Since the beginning of the year, gasoline prices have undergone 33 adjustments, including 18 increases, 11 decreases and 4 unchanged increases.
Domestic retail prices of petroleum on November 24 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,690/liter; RON 95 gasoline is not more than VND 23,024/liter; diesel is not more than VND 20,283/liter; kerosene is not more than VND 20,944/liter; mazut is not more than VND 15,638/kg.
