On November 6, oil prices continued to increase, with US WTI crude oil prices rising by 0.53 USD/barrel, or 0.74%, to 72 USD/barrel; Brent crude oil, the global benchmark, rose by 45 cents, or 0.6%, to 75.53 USD/barrel.
Over the past five days, both benchmarks have gained more than 5%.
According to analysts, oil prices increased due to increased supply-demand dynamics, geopolitics and election fever.
The US presidential election is drawing to a close. Although the results of the election may take days to be officially announced, the market is expected to fluctuate and continue to increase as usual.
Supporting the rise in oil prices were weather factors such as Tropical Storm Rafael, which prompted energy companies in the Gulf of Mexico to begin evacuating workers from offshore rigs. The storm is expected to reduce oil production by about 4 million barrels.
However, rising US crude inventories could slow the rally in oil prices.
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, the price of gasoline may increase less.
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.
Of which, the price of E5RON92 gasoline decreased by VND 284/liter, at a level not higher than VND 19,408/liter, lower than RON95-III gasoline by VND 1,202/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 91 VND/liter, at a level not higher than 18,148 VND/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.
