Recorded at 8:00 a.m. on November 5 (Vietnam time), Brent crude oil price reached 75.08 USD/barrel and WTI crude oil price reached 71.4 USD/barrel. At the end of yesterday's trading session, both Brent crude oil price and WTI crude oil price increased by 2.7%.
According to analysts, the decline in US gasoline and oil inventories has supported the rise in oil prices. According to the US Energy Information Administration, in the week ending October 25, US gasoline inventories fell by 2.7 million barrels to a two-year low; oil inventories fell 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.
In the domestic market, according to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. It is forecasted that in the next price adjustment period (Thursday, November 7), petroleum prices may be adjusted upward.
Of which, the price of E5RON92 gasoline is forecast to increase by 380 VND/liter; RON95 gasoline is forecast to increase by 400 VND/liter; and DO oil is forecast to increase by 790 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly spend the Stabilization Fund, gasoline prices may increase less or remain the same.
On October 31, domestic gasoline prices were adjusted according to developments in the world market. In this adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Gasoline Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel, kerosene, and fuel oil.
In particular, the price of E5RON92 gasoline decreased by 284 VND/liter, at a level not higher than 19,408 VND/liter, lower than RON95-III gasoline by 1,202 VND/liter;
RON95-III gasoline price decreased by 391 VND/liter, at a level not higher than 20,503 VND/liter;
The price of 0.05S diesel increased by VND91/liter, at a level not higher than VND18,148/liter;
Kerosene price increased by 263 VND/liter, at a level not higher than 18,833 VND/liter;
The price of 180CST 3.5S fuel oil increased by VND 232/kg, at a level not higher than VND 16,461/kg.
