On December 2, world oil prices increased thanks to optimistic production activities in China and signs of increasing tension in the Middle East when Israel continued to attack Lebanon despite the ceasefire.
At 10:00 a.m. (Vietnam time), Brent crude oil price reached 72.28 USD/barrel and West Texas Intermediate (WTI) crude oil price reached 68.43 USD/barrel. At the end of yesterday's trading session, both Brent crude oil price and WTI crude oil price increased by 0.6%.
Although oil prices increased in the first adjustment session of the week, in the last trading sessions of last week, the prices of oil products plummeted.
According to the Vietnam Commodity Exchange - MXV, crude oil prices plummeted amid signs of cooling tensions in the Middle East and the market's wait-and-see attitude before the OPEC+ meeting to discuss production policy.
WTI crude oil prices fell 4.55% last week to $68/barrel, while Brent crude oil prices fell 2.97% to below $73/barrel.
In the Middle East, Israel and the militant group Hezbollah reached a ceasefire agreement on November 27. This helped ease market concerns about the possibility of a disruption in crude oil supplies from the region due to the war, and had put great pressure on oil prices last week.
Besides, investors also traded with caution, waiting for the December policy meeting of the Organization of the Petroleum Exporting Countries and Allies (OPEC+).
Last week, OPEC+ announced that it would postpone its policy meeting to December 5, instead of the originally scheduled date of December 1. Some OPEC+ members are discussing further delaying the planned production increase until the end of the first quarter of 2025, due to concerns about slowing demand growth while crude supply outside the group is increasing.
For the domestic market, gasoline prices are currently linked to the world market, so according to the forecast of some gasoline distribution and trading enterprises in Hanoi, in the next adjustment session (Thursday, December 5, 2024), gasoline prices are expected to decrease simultaneously.
Of which, E5 RON 92 gasoline is forecast to decrease by 330 VND/liter; Ron 95 gasoline is forecast to decrease by 50 VND/liter; DO oil is forecast to decrease by 340 VND/liter. The above forecast prices do not take into account the authorities' allocation or use of the Petroleum Price Stabilization Fund. In case the regulatory agency uses it, the gasoline price will increase less.
On November 28, domestic gasoline prices were adjusted according to the developments of 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 E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Thus, the common gasoline prices on the market from December 2, 2024 are as follows:
The price of E5 RON 92 gasoline increased by 497 VND/liter, at a level not higher than 19,840 VND/liter, lower than RON 95-III gasoline by 1,155 VND/liter;
RON 95-III gasoline price increased by 329 VND/liter, at a level not higher than 20,857 VND/liter;
The price of 0.05S diesel increased by VND268/liter, at a level not higher than VND18,777/liter;
Kerosene price increased by 221 VND/liter, at a level not higher than 19,142 VND/liter;
The price of 180CST 3.5S fuel oil increased by VND111/kg, at a level not higher than VND16,125/kg.
