Gasoline price today 11/3/2024: Crude oil price increases slightly
Oil prices today, November 3, 2024: Crude oil prices increased slightly. Specifically, WTI oil price was at 69.33 USD/barrel, up 0.33%, Brent oil price was at 72.94 USD/barrel, up 0.4%.
World oil prices
According to Oilprice, WTI oil price is currently at 69.33 USD/barrel, up 0.33% (equivalent to an increase of 0.23 USD/barrel). Meanwhile, Brent oil price is 72.94 USD/barrel, up 0.4% (equivalent to an increase of 0.29 USD/barrel).
Over the past week, Brent crude oil prices have fallen about 4%, while WTI crude oil prices have fallen about 3%.
A report from Axios, citing Israeli intelligence, said Iran may be planning to attack Israel from Iraq. The move is seen as a show of force, not a move to expand the war. Tensions in the Middle East have led to back-and-forth attacks between Israel and groups allied with Iran. The US has proposed negotiations to end the conflict between Israel and Hezbollah, but both sides have refused.
Oil prices are likely to be volatile as Iran’s response is likely to be limited, similar to Israel’s limited attack last weekend, said Ole Hvalbye, an analyst at SEB Research. Previous Iranian airstrikes on Israel have caused only minor damage, Reuters reported.
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 this year, up from 1.4 million barrels per day last year.
Oil prices were also pressured by expectations that OPEC+ will delay its planned December production increase to counter weak demand, a decision that could come as early as next week.
Domestic gasoline prices
Domestic retail prices of gasoline and oil on November 3, 2024 will be adjusted according to the announcement from the Ministry of Finance - Ministry of Industry and Trade at 3:00 p.m. on October 31.
Specifically, the price of E5 RON 92 gasoline decreased by VND284/liter, down to VND19,408/liter; the price of RON 95 gasoline decreased by VND391/liter, down to VND20,503/liter.
Regarding oil prices, diesel 0.05S increased by VND91/liter, to VND18,148/liter; kerosene increased by VND263/liter, to VND18,833/liter; mazut 180CST 3.5S increased by VND232/kg, to VND16,461/kg.
During this adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not set aside and did not use the Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene and fuel oil.
Since the beginning of 2024, domestic gasoline prices have undergone 43 adjustments, including 21 decreases, 17 increases and 6 unchanged.
