Oil price today 11/4/2024: Crude oil rises again
Today's oil prices, November 4, at the beginning of the week, WTI and Brent crude oil prices increased again. Specifically, WTI oil price reached 70.6 USD/barrel, up 0.7 USD. Brent oil price reached 74.2 USD/barrel, up 1 USD.
World crude oil prices
According to data from TradingEconomics and Oilprice, world crude oil prices are trending up at the beginning of the new week, November 4.
Specifically, the price of WTI crude oil is currently at over 70.6 USD/barrel, up 0.7 USD compared to the end of last week (69.9 USD/barrel). The price of Brent oil also increased to 74.2 USD/barrel, up more than 1 USD compared to the closing price on November 2.
The average oil price increased by 1.1 USD/barrel per day, equivalent to 1.3%.
OPEC has just announced that Saudi Arabia and seven other oil-producing countries have decided to postpone plans to increase oil production until the end of December. Although the reason was not given, experts said that this decision was to avoid market volatility before the US presidential election.
OPEC+ had previously planned to increase production by 2.2 million barrels per day in October, but has now delayed it until at least December. Members such as Russia, Iraq, the UAE and Kuwait want to increase production but have had difficulty choosing the right time.
Oil prices have recently fallen as traders see geopolitical risks from the Israel-Hamas conflict easing. Brent crude peaked at $80 a barrel in October on concerns the conflict could impact supplies, but has now fallen to around $73 a barrel due to weak demand from China.
Experts say that even $80 a barrel is relatively low considering the tense situation in key oil-producing regions.
Domestic gasoline prices
In the context of sharp increase in world oil prices and fluctuations in the VND/USD exchange rate, at 3:00 p.m. on October 31, the Ministry of Industry and Trade and the Ministry of Finance decided to adjust domestic retail oil prices.
This adjustment aims to ensure that domestic gasoline prices are consistent with world prices, while maintaining a reasonable difference between E5RON92 biofuel and RON95 mineral gasoline to encourage the use of biofuels, according to the Government's policy. The goal is also to ensure the harmony of interests among market participants.
Specifically, domestic gasoline prices have dropped sharply from 284 to 391 VND/liter depending on the type, while oil prices have increased slightly from 90 to 260 VND/liter or kg depending on the type.
Specifically:
- RON 95-III gasoline retail price is 20,503 VND/liter;
- Retail price of E5 RON 92 gasoline is at 19,408 VND/liter;
- Retail diesel price at 18,148 VND/liter;
- Retail price of kerosene is at 18,833 VND/liter.
- Retail fuel oil is at 16,461 VND/kg.
The Ministry of Industry and Trade pledges to coordinate with relevant agencies to inspect and monitor the supply of gasoline by traders, and will strictly handle violations (if any).
