Gasoline price today November 5, 2024: Sharp increase
Gasoline prices today November 5, 2024: Sharp increase following the heat of the 2024 US election. Specifically, WTI crude oil prices increased by 3.2%, Brent oil prices increased by nearly 3% compared to yesterday.
World oil prices today
Early on November 5, world crude oil prices, including WTI and Brent, both increased sharply. At 6 a.m. (Vietnam time), crude oil prices in the US increased by 2 USD/barrel compared to the beginning of the session on November 4.
WTI oil price: Currently selling at 71.68 USD/barrel, up 2.2 USD (equivalent to 3.2%) compared to yesterday.
Brent oil price: Reached 75.3 USD/barrel, up 2.1 USD (nearly 3%) compared to the previous session.
According to data from TradingEconomics, the average price of the day increased by about 2.9% to 3.1%, marking the most significant increase in the past week. As experts predicted, after falling last weekend, crude oil prices rebounded at the beginning of this week. Currently, oil prices are at the same level as in September and October, but still lower than in June, July and August. The reason for the price increase is said to be due to the impact of the 2024 US presidential election, which begins today.
OPEC Secretary General Haitham Al Ghais said on November 4 that OPEC remains optimistic about oil demand in both the short and long term.
In its annual outlook report, French group TotalEnergies forecasts global oil demand will peak after 2030, under two most likely energy transition scenarios.
The president of Italian energy company Eni said that OPEC+ supply cuts and efforts to ease them are causing strong market volatility and hindering investment in new production.
OPEC oil production rose again in October, reaching nearly 1.5 million barrels per day. Iran also agreed to increase production by 250,000 barrels per day, while Iraq limited its output as part of its commitment to OPEC+.
Markets are closely watching the US presidential election and the conflict in the Middle East, with reports that Iran may be preparing to attack Israel from Iraq.
"Tensions in the Middle East are back in focus as traders await a response from Iran," said Dennis Kissler, senior vice president of trading at BOK Financial.
Domestic gasoline prices
At 3:00 p.m. on October 31, during the period of adjusting gasoline prices, the Ministry of Industry and Trade - Ministry of Finance decided to adjust domestic retail gasoline prices.
The adjustment goal is to make domestic gasoline prices reflect the fluctuations of the world market, while maintaining a reasonable difference between E5RON92 biofuel and RON95 mineral gasoline, in order to encourage the use of biofuels according to the Government's policy, and ensure harmonious benefits for market participants.
Domestic retail prices of gasoline on November 5 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.
The Ministry of Industry and Trade said it will coordinate with relevant agencies to inspect and monitor the assurance of gasoline supply from businesses and will strictly handle violations, if any.
