Oil price today October 10, 2024: World crude oil slightly decreased
Oil prices today October 10, 2024: Continued to decrease due to the US reporting an increase in crude oil reserves. Specifically, WTI crude oil prices decreased by 0.4 USD, Brent oil decreased by 0.6 USD compared to October 9.
World oil prices
According to the latest data, WTI and Brent crude oil prices on the world market fell at 6:30 am on October 10 (Vietnam time).
WTI crude oil price is currently at 73.4 USD/barrel, down 0.4 USD compared to October 9, or down 0.25%.
Meanwhile, Brent oil price also fell to 76.8 USD/barrel, down 0.6 USD compared to October 9.
On average, WTI and Brent crude oil prices fell by USD 3.7/barrel and USD 4.1/barrel respectively on October 9 and 10. However, compared to September, crude oil prices in early October still increased by 10-11%, which could affect the prices of finished petroleum products in the international market and in Vietnam.
Oil prices continued to fall on October 10 as the United States reported a rise in crude oil reserves. However, the price decline was limited by the risk of supply disruption from Iran due to conflict in the Middle East and Hurricane Milton in the United States.
The US Energy Information Administration reported that crude oil inventories rose 5.8 million barrels to 422.7 million barrels last week, higher than analysts' forecasts.
Bob Yawger, from Mizuho in New York, said the increase was smaller than the American Petroleum Institute's estimate and helped limit the decline in oil prices.
According to Reuters, although there is a possibility of a ceasefire between Hezbollah and Israel, the market is still worried that Israel could attack Iran's oil facilities.
Oil prices fell more than 4% in trading on October 8, but John Kilduff from Again Capital in New York said that if Israel attacked Iran, oil prices could increase by $5 per barrel.
Despite concerns about Middle East supplies, the economic situation in China has also weighed on oil prices. China has not yet introduced new fiscal measures, although it appears confident about meeting its economic growth target.
A slowdown in China's economic growth could reduce oil demand, affecting the world's top crude importer.
Domestic gasoline prices
Domestic retail prices of gasoline as of 6:00 a.m. on October 10 are as follows:
E5 RON 92 gasoline is not more than 18,850 VND/liter.
RON 95-III gasoline is not more than 19,803 VND/liter.
Diesel oil not more than 17,401 VND/liter.
Kerosene not more than 17,651 VND/liter.
Fuel oil not more than 15,003 VND/kg.
Today, October 10, the regular gasoline price adjustment session of the Ministry of Industry and Trade and the Ministry of Finance took place. Due to the crude oil price increasing by more than 10% compared to September, gasoline prices are expected to increase from 850 to 1,100 VND/liter.
Petroleum companies said that from the afternoon of October 7, the discount suddenly dropped to 0-50 VND/liter, causing a loss of 1,000-1,200 VND/liter. They sent their opinions to the Prime Minister to find a solution for the market.
A business owner in Ho Chi Minh City who owns three gas stations said that discounts have dropped sharply, and high shipping costs have caused them to suffer heavy losses when selling goods.
Low discounts and difficulty in ordering have businesses worried they will have to close if they don't have products to sell in the next few days.
At Chu Lai warehouse (Quang Nam), the discount for RON 95 gasoline and DO 0.005 oil has dropped to only 50 VND/liter, and E5 RON 92 gasoline is no longer discounted.
Mr. Nguyen Xuan Thang, Director of Hai Au Phat Petroleum Company (Lam Dong), expressed concern about insufficient supply if the situation of small-scale supply continues. According to him, the reason for small-scale supply of petroleum is due to the sources hoarding goods waiting for price adjustment.
