Comments on oil prices in the new week

Oil prices today November 18, 2024: World oil prices continue to be strongly affected by the rising USD, weak demand from China and the possibility of the FED cutting interest rates.

Gasoline price today November 18, 2024

Recorded on Oilprice at 5:00 a.m. on November 18, 2024 (Vietnam time), WTI oil price was at 66.95 USD/barrel, down 2.45% (equivalent to a decrease of 1.68 USD/barrel).

WTI oil price on the world market in the early morning of November 18, 2024 (Vietnam time)

Similarly, Brent oil price was at 71.05 USD/barrel, down 2.09% (equivalent to a decrease of 1.52 USD/barrel).

Brent oil price on the world market in the early morning of November 18, 2024 (Vietnam time)

Over the past week, oil prices continued to be strongly impacted by the rising US dollar, weak demand from China and the possibility of the US Federal Reserve (Fed) cooling down and cutting interest rates as well as demand growth forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA).

Oil prices fell more than 2% at the start of the week after China's economic stimulus plan fell short of investors' expectations. In addition, China's consumer price index rose 0.3% in October - the lowest in four months - further reinforcing concerns about weak demand in the world's second-largest oil consumer.

China reported a seventh straight monthly decline in refinery output, while U.S. retail sales rose in October, pointing to a strong start to the fourth quarter, dampening expectations that the Fed will cut interest rates in the final month of the year, according to Oilprice.

In addition, OPEC revised down its forecast for global oil demand growth in 2024 from 1.93 million barrels per day to 1.82 million barrels per day. In 2025, the growth forecast was also lowered from 1.64 million barrels per day to 1.54 million barrels per day. This caused oil prices to increase only slightly in the second trading session, almost flat.

Oil prices found support for the third and fourth sessions on Tuesday from short covering and a sharp drop in U.S. fuel inventories. However, a stronger dollar, which hit a seven-month high, capped gains.

Brent and WTI both ended the week down more than 2%, due to concerns about weak demand from China and the possibility of the Fed slowing down the pace of interest rate cuts. This reflects the lack of certainty in the energy market.

Domestic retail gasoline prices on November 18, 2024 will be applied according to the adjustment session from 3:00 p.m. on November 14 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,452	-292
RON 95 gasoline	20,607	-247
Diesel	18,573	-344
Oil	18,988	-306
Fuel oil	16,009	-385

Specifically, the price of E5 RON 92 gasoline decreased by VND292/liter, down to VND19,452/liter; RON 95 gasoline decreased by VND247/liter, down to VND20,607/liter.

Diesel 0.05S price: Down 344 VND/liter, down to 18,573 VND/liter; Kerosene down 306 VND/liter, down to 18,988 VND/liter; Mazut 180CST 3.5S down 385 VND/kg, down to 16,009 VND/kg.

Gasoline price today November 18, 2024. Illustration photo

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2024 up to now, domestic gasoline prices have gone through 45 adjustment sessions, including 22 decrease sessions, 18 increase sessions and 6 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-18112024-nhan-dinh-ve-gia-dau-trong-tuan-moi-359335.html