World oil prices today
World oil prices increased simultaneously in the trading session on November 4 (Vietnam time). At 11:30 a.m., WTI crude oil was at 70.69 USD/barrel, up 1.20 USD/barrel, equivalent to an increase of 1.73%. WTI crude oil closed the previous trading session at 69.49 USD/barrel, opening today's session at 70.51 USD/barrel.
Brent crude oil was at $74.28 a barrel, up $1.18, or 1.61 percent. Brent crude oil closed the previous session at $73.10 a barrel and opened today at $74.04 a barrel.
Thus, following the momentum of the three sessions of price increases last weekend, world oil prices continued to increase sharply in the first trading session of the week. According to analysts, the decrease in US oil and gasoline inventories has supported the increase in oil prices. According to the US Energy Information Administration, in the week ending October 25, US gasoline inventories decreased by 2.7 million barrels to the lowest level in 2 years; oil inventories decreased by 500,000 barrels.
In addition, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may extend production cuts to 2025, abandoning plans to gradually increase production from December due to weak oil demand from China and increased non-OPEC supply.
Tensions between Iran and Israel also weighed on market sentiment, although recent airstrikes from Iran on Israel caused only minor damage and did not have a major impact on energy markets.
Domestic gasoline prices today
On November 4, 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 4, at some domestic petroleum dealers:
PVOIL discounts on November 4 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 4 as follows: Oil discount: 800 VND/liter; RON 95 - III gasoline: 800 VND/liter; E5 gasoline: 800 VND/liter.
MIPEC gasoline discount on November 4: 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.
