Brent oil price decreased by 3.57 USD, equivalent to 4.2%, to 81.37 USD/barrel. Similarly, US WTI oil prices fell by 3.45 USD, equivalent to 4.3%, to 77.37 USD/barrel.
According to Reuters, OPEC crude oil exports increased by about 1 million barrels/day due to seasonal domestic demand decline in the Middle East, putting downward pressure on oil prices.
UBS strategist Giovanni Staunovo said the cut could be extended into the first quarter of 2024 due to weaker seasonal oil demand at the beginning of the year, ongoing concerns about economic growth and the goal of manufacturers and OPEC+ is to support market stability and balance.
On the demand side, China's crude oil imports in October grew strongly, but the country's total exports of goods and services decreased at a faster pace than expected.
Meanwhile, the US Energy Information Administration expects total domestic petroleum consumption to decrease by 300,000 barrels/day this year, reversing the previous forecast of an increase of 100,000 barrels/day.
Investors' expectations of a peak in falling global interest rates have also supported the USD's rally, making oil prices more expensive for holders of other currencies.
Data from the American Petroleum Institute (API) shows that crude oil inventories in the country increased by 11.9 million barrels in the week ended on November 3, nearly 9 times compared to the previous week's inventories of 1.347 million barrels.
In contrast to the sharp increase in oil inventories, gasoline inventories decreased by 400,000 barrels. The inventory of distillate products increased by 1 million barrels.
Domestic retail prices of petroleum on November 8 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,614/liter; RON 95 gasoline is not more than VND 23,929/liter; diesel is not more than VND 21,940/liter; kerosene is not more than VND 22,305/liter; mazut is not more than VND 16,240/kg.
