Gasoline price today November 2, 2024: Crude oil price drops sharply

World oil prices

According to data from TradingEconomics and Oilprice, on the morning of November 2 (Vietnam time), WTI and Brent crude oil prices remained unchanged compared to the closing price of November 1. After two consecutive days of increase (October 31 and November 1), oil prices decreased in the last trading session of the week.

Specifically, the price of WTI crude oil is currently 69.33 USD/barrel, down 1.27 USD compared to 70.6 USD/barrel on the morning of November 1. Similarly, the price of Brent oil decreased 1.3 USD, to 72.89 USD/barrel.

Oil prices are volatile because Iran's response is limited, as was the case with the recent Israeli attack, according to analyst Ole Hvalbye of SEB Research. Iran's airstrikes on Israel have caused only minor damage.

Iran, a member of OPEC, produced about 4 million barrels of oil per day in 2023. Iran is forecast to export about 1.5 million barrels per day, up from 1.4 million barrels per day previously.

Oil prices were also supported by expectations that OPEC and its allies (OPEC+) may postpone plans to increase production in December due to concerns about weak oil demand and rising supply. The OPEC+ decision is likely to be made next week.

While OPEC+ keeps production curbs, US oil major Exxon Mobil said its global production hit an all-time high. US production hit a record 13.5 million barrels per day last week, according to the US Energy Information Administration.

Domestic gasoline prices

Domestic retail prices of gasoline on November 2 are as follows:

E5 RON 92 gasoline is not more than 19,408 VND/liter.

RON 95-III gasoline is not more than VND 20,503/liter.

Diesel oil not more than 18,148 VND/liter.

Kerosene not more than 18,833 VND/liter.

Fuel oil not exceeding 16,461 VND/kg.

Since the beginning of the year, gasoline prices have increased 21 times and decreased 22 times, while oil prices have increased 19 times and decreased 24 times. The joint ministries have not set up the Petroleum Price Stabilization Fund as before. As of the end of the second quarter, this fund had more than 6,000 billion VND, a decrease of about 600 billion compared to the end of 2023, according to information from the Ministry of Finance.

The operator said the volatility in fuel prices last week was mainly due to conflicts in the Middle East, a drop in US crude oil reserves, and the possibility that OPEC+ will postpone plans to increase oil production.

These factors have affected gasoline prices, with gasoline prices falling by an average of 2.3-2.7% and oil prices rising by 0.4-1.6% over the past seven days. Currently, the price per barrel of RON 95 gasoline is $83.6, diesel is $86.2, and fuel oil is $466.7 per ton.