US dollar hits four-month high, putting pressure on oil prices

Oil prices today, November 13, both Brent and WTI oil "anchor" at the price achieved in the previous trading session. Oil prices were almost flat at the end of the trading session on November 12. The increase in the USD put pressure on oil prices.

Oil prices today, November 13, both Brent and WTI oil are 'anchored' at the price achieved in the previous trading session. The increase in the USD puts pressure on oil prices. (Source: Oilprice)

Oil prices held at two-week lows after falling about 5% in the previous two sessions, as investors digested OPEC's cut in demand growth forecasts, a strong dollar and disappointment over China's latest stimulus plan.

Brent crude rose 6 cents, or 0.83 percent, to $71.89 a barrel. WTI crude rose 8 cents, or 0.12 percent, to $68.12 a barrel.

According to Reuters , the Organization of the Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth in 2024 and also lowered its forecast for next year, marking the fourth consecutive downward adjustment by the producer group.

OPEC said world oil demand will grow by 1.82 million barrels a day this year, down from its forecast of 1.93 million barrels a day growth last month. The group also cut its estimate of global demand growth in 2025 to 1.54 million barrels a day from 1.64 million barrels a day.

Earlier this month, OPEC and its allies (OPEC+) decided to postpone plans to increase production in December amid falling prices.

China’s demand remains sluggish, and OPEC’s intervention in supply has not had the desired effect, said Gaurav Sharma, an independent oil analyst in London.

China's economic stimulus measures last weekend were not strong enough to boost economic growth, analysts said, as the US is likely to impose import tariffs of up to 60% on goods exported from China when US President-elect Donald Trump officially takes office.

Weighing on oil prices during the session, the dollar rose to a four-month high against a basket of currencies as investors continued to pile into trades seen as benefiting from Mr. Trump’s election victory. A stronger dollar makes oil more expensive in other countries, which could dent demand.

The incoming US administration's protectionist policies will hamper global growth and Europe must be better prepared, European Central Bank policymakers said.

Domestic retail prices of gasoline on November 13 are as follows:

E5 RON 92 gasoline is not more than 19,744 VND/liter.

RON 95-III gasoline is not more than VND 20,854/liter.

Diesel oil not more than 18,917 VND/liter.

Kerosene not more than 19,294 VND/liter.

Fuel oil not exceeding 16,394 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of November 7. Because the world gasoline and oil prices recorded a hat-trick of increases in the last 3 trading sessions and extended the increase to the first 2 trading sessions of this week, the domestic gasoline and oil prices also followed suit and increased.

E5 RON 92 gasoline price increased by 336 VND/liter, RON 95-III gasoline increased by 351 VND/liter. Oil prices increased more sharply with diesel increasing by 769 VND/liter, kerosene increasing by 461 VND/liter. Only mazut oil recorded a decrease of 67 VND/kg.

During this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gasoline-price-today-1311-dong-usd-increases-highest-in-4-months-puts-up-pressure-on-gasoline-price-293579.html