Gasoline price today November 13, 2024: Continue to decrease
Oil prices today, November 13, 2024: Prices of WTI and Brent crude oil continued to decrease. This is the third session that world oil prices have decreased since the US election ended with the victory of President-elect Donald Trump.
World oil prices today
According to data from TradingEconomics and Oilprice at 6:27 this morning (Vietnam time), the price of WTI crude oil in the US is currently at 68.03 USD/barrel, down slightly by 0.004 USD/barrel compared to November 12, and down 7.8% compared to last month.
Similarly, Brent oil price also decreased, currently at 71.7 USD/barrel, down 0.03 USD compared to yesterday, equivalent to a decrease of 7.34% compared to last month.
This is the third consecutive session of decline in world crude oil prices, largely due to the impact of the US government's policies after the election.
Specifically, oil prices fell due to a slight increase in the US dollar, making crude oil (traded in USD) more expensive for holders of other currencies, putting pressure on oil prices.
In addition, oil demand in the US and China also decreased, while OPEC plans to increase production by 1.4 million barrels/day next year, pushing oil futures prices lower.
Earlier, crude oil prices also fell sharply by nearly $2/barrel at the end of the week, reflecting investors' concerns about the policies that President-elect Donald Trump could implement, affecting global supplies as oil companies cut production.
Many experts predict that Mr. Trump will implement strong policies, such as tightening immigration, controlling trade, and reducing deficits with import partners into the US. This has caused the USD to increase in value after the election, creating strong fluctuations in crude oil prices recently.
Domestic gasoline prices
Domestically, retail gasoline prices 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 Vietnam Petroleum Institute (VPI)'s Machine Learning-based gasoline price forecasting model shows that, in the adjustment period on November 14, gasoline prices may decrease from 0.5% to 2% if the Ministry of Finance and the Ministry of Industry and Trade do not adjust the gasoline price stabilization fund.
Mr. Doan Tien Quyet, data analysis expert at VPI, said that this model is based on artificial neural networks (ANN) and supervised learning algorithms. According to the forecast, the price of E5 RON 92 gasoline may decrease by VND101 (0.5%), down to VND19,639/liter, and RON 95-III gasoline may decrease by VND183 (0.9%), down to VND20,667/liter.
Retail oil prices are also forecast to decrease: fuel oil may decrease by 2% to VND16,057/kg; diesel oil may decrease by 1.4% to VND19,079/liter; and kerosene may decrease by 1.1% to VND19,079/liter. It is expected that the Ministry of Finance and the Ministry of Industry and Trade will continue not to use or set aside the Petroleum Price Stabilization Fund this period.
