Gasoline price today November 27, 2024: World crude oil prices continue to decrease

World oil prices

According to data from TradingEconomics and Oilprice, world crude oil prices continued to record a sharp decline this morning, marking the second consecutive decline after the plunge on November 26. At 6:43 a.m. this morning (Vietnam time), WTI oil prices fell by 0.1 USD to 68.8 USD/barrel, equivalent to a decrease of 0.15%.

Meanwhile, Brent oil prices also decreased slightly, trading around 72.9 USD/barrel, down 0.08 USD, equivalent to a decrease of about 1.12%. Notably, at 1:00 a.m. on November 27, Brent oil prices fell to 72 USD/barrel, the lowest level in the past week.

International experts believe that the decline in crude oil prices is mainly due to the impact of the ceasefire between Israel and Lebanon. Although the conflict between the two countries has not disrupted oil supplies and risk premiums have fallen to low levels, the prospect of peace in the Middle East has strongly affected market sentiment, pushing oil prices down sharply.

A ceasefire could put pressure on oil prices, as the US government could ease sanctions on Iranian oil, shifting global supply, according to Alex Hodes, an analyst at StoneX.

Oil prices even rose more than $1 a barrel at times during the session. Phil Flynn, senior analyst at Price Futures Group, said the fluctuations were mainly due to news of the resumption of negotiations between OPEC countries.

The world's largest oil producers are discussing the possibility of delaying a planned increase in oil production that is due to start in January, two OPEC sources said. Final decisions will be made at an OPEC+ meeting later this week to set oil production policy for 2025.

OPEC+ currently accounts for about half of global oil production and had planned to increase production slightly in 2024 and 2025. However, slowing oil demand from China and international markets, coupled with rising output from non-OPEC countries, have put those plans on hold.

John Kilduff, partner at Again Capital, commented that the market showed some signs of price recovery in the morning trading session on November 26 thanks to OPEC+ trying to delay the increase in production. However, these factors are still not strong enough to keep WTI oil prices above $ 70 / barrel.

Domestic gasoline paper

On November 21, in the 5th regular gasoline price adjustment session, the Ministry of Finance - Ministry of Industry and Trade decided to reduce domestic gasoline prices. Specifically, from 3:00 p.m. on November 21, gasoline prices will decrease across the board.

Since the beginning of 2024, domestic gasoline prices have undergone 46 adjustments, including 23 decreases, 18 increases and 6 opposite changes.

On the morning of November 26, the Military Region's Logistics and Engineering Department held a training conference for the Military Region's Petroleum Industry in 2024. The conference was attended by Colonel Vu Truong Giang, Deputy Head of Logistics and Engineering of the Military Region, who gave a speech at the event.

The conference attracted 80 trainees who are officers and employees in charge of petroleum work of agencies and units in the Military Region's armed forces. The trainees were introduced and instructed on some important professional contents related to petroleum work in the army.

The training contents include the implementation of the Central Military Commission's Leadership Regulations on petroleum work. Trainees are also instructed on the order and procedures for reporting petroleum work by commanders to the Party Committee. In addition, the conference also mentioned the limitations and shortcomings that need to be noted in the work of petroleum settlement at the units.

One of the important parts of the training is the deployment, operation, preservation and maintenance of field petroleum equipment, such as the “DC-100 and PSG-600 Field Petroleum Depots”. Trainees are also instructed on the work of creating decentralized sources of petroleum purchases and ensuring the quality of petroleum in all stages of work.

In his speech, Colonel Vu Truong Giang emphasized the importance of understanding and properly implementing the Central Military Commission's Leadership Regulations. He requested that the team of cadres in charge of petroleum work proactively advise the Party Committee and commanders, helping them operate petroleum work according to procedures.

Colonel Giang also emphasized that the management of petroleum must ensure efficiency and economy, without loss or waste. This not only helps to implement the principle of democratic centralism but also contributes to improving the quality of the emulation movement "Manage and use petroleum safely, economically and effectively".