Specifically, Brent oil price increased by 0.36 USD, to 82.35 USD/barrel. US WTI oil price is trading at 77.77 USD/barrel.
Oil prices increased slightly as investors were cautious ahead of the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) scheduled for November 26.
Toril Bosoni, Head of the International Energy Agency (IEA)'s petroleum Industry and Market Department, said that even if OPEC+ countries extend cuts next year, the global oil market will see slight excess supply in 2024. However, the oil market is currently in deficit with inventory decreasing rapidly.
A report from the American Petroleum Institute (API) shows that US crude oil inventories increased by 9.05 million barrels in the week ended on November 17, more than 6 times compared to analysts' forecast of an increase of 1.467 million barrels.
In contrast to the decline in oil inventories, US gasoline inventories decreased by 1.79 million barrels; distillate inventories also decreased by 3.51 million barrels.
Oil prices have fallen about 16% since late September as crude oil production in the US, the world's top producer, remains at a record high.
Meanwhile, the market is concerned about weak demand in the context of slowing global economic growth. In the short term, these concerns could still put pressure on oil prices.
Domestic retail prices of petroleum will be adjusted on November 23 according to Decree 80 on petroleum trading effective from November 17.
According to this decree, the price adjustment period of the joint venture of the Ministry of Finance - Industry and Trade will take place on every Friday instead of the 1st, 11th, and 21st of each month as before.
It is expected that gasoline prices will be adjusted down slightly with gasoline decreasing by about 100 VND/liter, oil decreasing more strongly by about 400 VND/liter (kg).
Domestic retail prices of petroleum on November 22 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,274/liter; RON 95 gasoline is not more than VND 23,530/liter; diesel is not more than VND 20,888/liter; kerosene is not more than VND 21,512/liter; mazut is not more than VND 15,623/kg.
