Oil prices slide, reaching 80 USD/barrel; Domestic gold prices increase sharply

Oil prices slide, reaching 80 USD/barrel

Today, November 9, the world oil price continues to slide uncontrollably. Brent oil price has dropped to 80 USD/barrel, the lowest in the past 3 months.

In the world market, gasoline prices today, November 9, continued to decline sharply from the previous session. On November 8, gasoline prices slid to their lowest level in more than 3 months due to concerns about weakening demand in the world's leading oil consuming countries, the US and China.

According to data from Oilprice, at 8:00 p.m. on November 8 (Vietnam time), Brent crude oil was trading at $80.53 per barrel, down $1.08, or 1.32%, from the previous session. WTI crude oil was at $76.23 per barrel, down $1.14, or 1.47%, from the previous session.

Oil prices have fallen sharply amid a weakening global economic outlook and slowing demand, analysts say.

Besides, concerns about falling demand in the world's top oil consuming countries also pushed oil prices down.

Oil prices also fell due to concerns that a warmer-than-expected winter could reduce demand for energy and fuel.

In addition, the recovery of the US dollar is also the reason for the decrease in oil prices due to the decrease in import demand of countries using other currencies.

In the domestic market, the retail prices of gasoline and oil today are applied according to the price of the afternoon session on November 1. Gasoline prices were adjusted up while oil prices decreased. Specifically, the retail price of RON 95 gasoline increased to 23,920 VND/liter, and the price of E5 gasoline increased to 22,610 VND/liter. Meanwhile, the price of diesel oil decreased to 21,940 VND/liter, and the retail price of kerosene decreased to 22,300 VND/liter.

Gas market failed to maintain its upward momentum in the mid-week session.

Opening the trading session on the morning of November 9, today's gas price in the world market decreased by 0.19% to 3.11 USD/mmBTU for natural gas contracts delivered in December 2023.

Dutch and British natural gas prices fell on Monday (November 7) due to weaker demand and near-full inventories, but market participants remained concerned about geopolitical tensions in the Middle East.

According to the latest data from the European Gas Infrastructure, European gas storage remains nearly full, at 99.55% of capacity.

In the domestic market, from November 1, 2023, the retail price of Petrolimex gas cylinders (including VAT) in the Hanoi market is 438,300 VND/12kg household cylinder; 1,753,000 VND/48kg industrial cylinder, respectively increasing by 4,020 VND/12kg cylinder and 15,880 VND/48kg cylinder (including VAT).

Meanwhile, key gas trading and distribution units in Ho Chi Minh City and the southern provinces and cities also announced that the gas price in November 2023 increased by VND334/kg, equivalent to VND4,000/12kg cylinder compared to October this year. Thus, the retail price to consumers in the southern region will fluctuate at VND467,000/12kg cylinder.

The reason for the increase in domestic retail gas prices in November 2023 is that the average world gas price contract in November was at 615 USD/ton, an increase of 7.5 USD/ton compared to October; the increase in USD/VND exchange rate also caused the price of imported gas to Vietnam to increase.

Gold price inWater price increased sharply, world gold price decreased deeply

Today, the price of 9999, SJC, 24K, PNJ, DOJI gold increased by nearly half a million VND/tael. World gold price decreased sharply.

At the time of survey at 5:30 a.m. on November 9, 2023, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 69.45 million VND/tael for buying and 70.35 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 69.45 - 70.30 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 69.45 - 70.28 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 69.20 - 70.60 million VND/tael (buy - sell).

Meanwhile, according to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,949,400 USD/ounce - down 18,845 USD/ounce compared to yesterday's world gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 56,587 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 11,861 million VND/tael higher than the international gold price.