World oil prices today
World oil prices fell across the board last week. At the end of the trading week, WTI crude oil was at $71.35/barrel last week, down to $69.49/barrel this weekend. Overall, WTI crude oil fell by $1.86/barrel last week, a 2.6% decrease compared to the previous week.
Brent crude oil was at $76.05/barrel last week, down to $73.10/barrel this week. Overall, Brent crude oil fell $2.95/barrel last week, down 3.9% from the previous week.
Thus, the world oil price last week fluctuated violently with a shocking drop of more than 6% right from the beginning of the week (September 28), then oil prices increased simultaneously with 4 consecutive sessions of increase. However, the recovery of oil prices has not been able to "recover what was lost" from the deep drop at the beginning of the week.
Tensions between Iran and Israel continue to weigh on market sentiment, analysts said, although recent airstrikes from Iran on Israel caused only minor damage and did not have a major impact on the energy market.
US crude oil production remains high, putting pressure on global oil prices due to excess supply. This has kept oil prices under pressure throughout the past week.
Meanwhile, the factor that helped oil prices recover in the last sessions of the week was the possibility that the Organization of the Petroleum Exporting Countries and its allies (OPEC +) would delay the plan to increase oil production in December due to concerns about weak oil demand and increasing supply. The decision of OPEC + is likely to be made next week. This decision could help restrain supply and maintain more stable oil prices.
Domestic gasoline prices today
On November 3, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of October 31. Accordingly, gasoline and oil prices were adjusted in opposite directions, with gasoline prices decreasing and oil prices increasing. E5 RON 92 gasoline prices decreased by VND284/liter, RON 95-III gasoline decreased by VND391/liter, diesel increased by VND91/liter, kerosene increased by VND263/liter, and fuel oil increased by VND232/kg.
Gasoline discount today
Discount prices of petroleum products today, November 3, at some domestic petroleum dealers:
PVOIL discounts on November 3 as follows: Oil discount: 850 VND/liter; RON 95 - III gasoline: 850 VND/liter; E5 gasoline: 850 VND/liter. Applicable at PVOIL Dinh Vu warehouse, Petec An Hai, Cai Lan.
Tu Luc Petroleum discounts on November 3 as follows: Oil discount: 800 VND/liter; RON 95 - III gasoline: 800 VND/liter; E5 gasoline: 800 VND/liter.
MIPEC gasoline discount on November 3: RON 95 - III discount: 600 VND/liter; E5 gasoline: 500 VND/liter; oil: 700 VND/liter. Applicable to the Northern region.
Forecast of domestic gasoline prices next period
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, when world oil prices are on the rise and continuously increasing in the last sessions of the week, it is forecasted that in the next price adjustment period, petroleum prices may increase.
Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 20 times and decreased 23 times. Oil prices have increased 19 times and decreased 24 times.
Today's gasoline prices are for reference only and may change according to market conditions without prior notice. Readers should consider carefully when using the information in this newsletter.
See more articles about gasoline prices HERE.
