Gasoline price today October 6: Sharp increase

On the morning of October 6, gasoline prices increased sharply, the increase of two standard oil types was nearly 1 USD/barrel, equivalent to nearly 1.5%. Recorded at 7:33 am (Vietnam time), the global standard Brent oil price was trading at 65.5 USD/barrel; US WTI oil was trading at 61.8 USD/barrel.

Yesterday (October 5), the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to increase oil production by 137,000 barrels per day from next November. The group chose to maintain a modest monthly increase similar to October, amid persistent concerns about the risk of an upcoming supply glut.

However, information shows that, before the meeting, the two largest producers in the OPEC+ group, Russia and Saudi Arabia, had different views. While Russia supported a similar production increase as in October to avoid putting pressure on oil prices, Saudi Arabia wanted a figure that was double, triple, or even quadruple - 274,000, 411,000 or 548,000 barrels/day, respectively.

Domestic gasoline prices may reverse this week. PHOTO: NHAT THINH

According to Reuters, Saudi Arabia wants spare capacity and wants to regain market share faster; while Russia is somewhat concerned about the oil production situation when there are continuous attacks on Russia's oil infrastructure from Ukraine.

In an official statement, OPEC said the global economic outlook is considered stable, market fundamentals remain positive thanks to low oil inventories.

Reuters cited a report by the International Energy Agency (IEA) estimating OPEC+ spare capacity at 4.1 million barrels per day as of August. However, almost all of this is in the hands of Saudi Arabia and the United Arab Emirates (UAE).

Based on the above data, analysts believe that oil prices this week will likely recover, increasing slightly in the context of increased supply. Thus, after a 7-8% plunge, oil prices this week will hardly decrease further, and a recovery is possible.

Meanwhile, domestic gasoline prices are forecast to decline this week. It is estimated that by this morning, domestic gasoline prices this week could fall below VND700/liter. The forecast does not include the Gasoline Price Stabilization Fund./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-6102025-tang-manh-185251006074543669.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-06-10-tang-manh-a203874.html