According to data from TradingEconomics and Oilprice at 7:00 a.m. this morning (Vietnam time), the world crude oil price WTI for immediate delivery in the US market was at 68.17 USD/barrel, down more than 2.2 USD/barrel compared to yesterday's trading price, November 11.
Similarly, the selling price of Brent oil was only 71.9 USD, down more than 1.9 USD compared to November 11, equivalent to a 2.63% decrease per day.
Thus, this is the second session of world crude oil trading with a sharp decrease in price, reflecting the fact that after the US election, crude oil prices are strongly affected by the US government's policy on crude oil demand.
Crude oil prices fell as the US dollar strengthened slightly, making dollar-denominated commodities such as oil more expensive for holders of other currencies and tending to put upward pressure on prices.
Demand for crude oil in the US and China has declined, while OPEC plans to increase production by 1.4 million barrels per day next year. This has caused crude oil futures to fall sharply.
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 14), petroleum prices may be adjusted down.
Of which, the price of E5RON92 gasoline is forecast to decrease by 100 VND/liter; RON95 gasoline is forecast to decrease by 160 VND/liter; and DO oil is forecast to decrease by 210 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly draw from the Stabilization Fund, the price of gasoline may decrease less.
Currently, the retail price of gasoline and oil is implemented from the adjustment period on November 7. According to this decision, the retail price of gasoline and oil of all types will increase sharply from 3:00 p.m. on November 7 and will be applied until the end of November 14.
Accordingly, the current specific gasoline prices are:
- Retail price of E5RON92 gasoline is not more than 19,744 VND/liter;
- RON95 III gasoline retail price is over 20,854 VND/liter.
- Retail diesel oil is not higher than VND 18,917/liter;
- Retail kerosene is not higher than 19,294 VND/liter;
- Mazut oil 180CST 3.5S retails at 16,394 VND/kg.
