Specifically, Brent oil price decreased by 0.06%, trading at 85.10 USD/barrel, while US WTI oil price increased by 0.12%, to 80.97 USD/barrel.
According to Reuters, the Saudi Arabian Energy Ministry affirmed that it will continue to cut voluntary output by 1 million barrels/day until the end of 2023 to maintain output of about 9 million barrels/day.
Meanwhile, Russian Deputy Prime Minister Alexander Novak also said that he will cut voluntary supplies by 300,000 barrels/day from crude oil and petroleum products exports until the end of December.
UBS strategist Giovanni Staunovo said the cut could be extended into the first quarter of 2024 due to weaker seasonal oil demand at the beginning of the year, ongoing concerns about economic growth and the goal of manufacturers and OPEC+ is to support market stability and balance.
In addition, oil prices are also gradually stabilizing as concerns about supply disruptions due to easing tensions in the Middle East.
On November 6, UN leaders called for a humanitarian ceasefire as health agencies in the region said the death toll from Israeli attacks had now exceeded 10,000.
A weak USD also supports oil prices. The USD index fell to its lowest level since September 20 at 104.84.
However, reduced crude oil production at Chinese and US refineries has affected prices.
At China's refineries, refining activities are falling from record levels in the third quarter due to declining profit margins and a shortage of export quotas until the end of the year.
At the same time, US crude oil refineries in the quarter will slow down operations due to weak gasoline profits and factory renovation reducing operating targets.
Domestic retail prices of petroleum on November 7 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,614/liter; RON 95 gasoline is not more than VND 23,929/liter; diesel is not more than VND 21,940/liter; kerosene is not more than VND 22,305/liter; mazut is not more than VND 16,240/kg.
