Gasoline price today November 14, 2024: Slight increase due to short selling activities
Oil prices today, November 14, 2024: World oil prices increased slightly due to short selling after the price decrease. Domestically, oil prices this afternoon are expected to decrease slightly during the adjustment period.
World oil prices
On November 14, Brent oil price increased by 39 cents, equivalent to 0.54%, to 72.28 USD/barrel; WTI oil price increased by 31 cents, equivalent to 0.46%, to 68.43 USD/barrel.
Despite a slight recovery in oil prices, forecasts still show pessimistic sentiment in the market, as oil demand fell in China, India and some other regions in the third quarter.
Some speculative investors have stepped up short selling to recoup losses, contributing to a slight recovery in oil prices, according to Reuters. However, the Organization of the Petroleum Exporting Countries (OPEC) has revised down its oil demand forecast for the fourth consecutive time, leading experts to believe that oil prices may continue to fall.
On the supply side, the oil market remains at risk of disruption due to tensions between Iran and Israel. Iran’s oil minister said the country will maintain oil production and exports, while preparing to respond if there are restrictions from the US.
Besides, the appreciation of the US dollar, near a seven-month high due to the increase in US inflation in October, also supported oil prices to increase during the session.
Domestic gasoline prices
Domestically, retail gasoline prices on November 14 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.
This afternoon, the Ministry of Industry and Trade - Ministry of Finance will adjust domestic gasoline prices. According to forecasts, gasoline prices will decrease due to the impact of the decline in world crude oil prices, with a decrease of 250 - 380 VND/liter or kg. This adjustment does not include the Gasoline Price Stabilization Fund and other fees, if any changes.
