Gasoline price today October 23, 2024: World oil price hits record high
Oil prices today October 23, 2024: World oil prices continued to increase by 2% to a record high as the Middle East conflict broke out and improved demand from China tightened the market balance.
World oil prices
At 5:00 a.m. on October 23, WTI oil price reached 72.24 USD/barrel, up 2.17%, while Brent oil price was 75.64 USD/barrel, up 1.80%.
Oil prices rose for a second consecutive session due to concerns about the situation in the Middle East and expectations of increased oil demand from China.
China's economic stimulus measures could boost oil demand, despite the country's rapid shift to electric vehicles.
Oil prices rebounded after falling last week, helped by China’s interest rate cut and rising oil demand. China’s oil demand rose by about 100,000 barrels per day to a six-month high.
China has increased its crude oil import quota for next year to 257 million tonnes, supporting oil prices in the fourth quarter due to a supply shortage.
Global oil inventories fell 5 million barrels from a year ago, according to StoneX.
U.S. crude oil inventories rose by 1.64 million barrels, while gasoline and distillate inventories fell by 3.5 million barrels, according to the American Petroleum Institute.
Domestic gasoline prices
Domestic retail prices of gasoline on October 23 are as follows:
E5 RON 92 gasoline is not more than 19,730 VND/liter.
RON 95-III gasoline is not more than VND 20,962/liter.
Diesel oil not more than 18,321 VND/liter.
Kerosene not more than 18,627 VND/liter.
Fuel oil not exceeding 16,090 VND/kg.
This price will be adjusted on October 24. Although world oil prices fell sharply last week, which may cause domestic prices to fall further, with the recent upward trend of world oil prices, domestic prices may increase again.
In the previous management period, gasoline and oil prices both decreased slightly, except for fuel oil which increased by 179 VND/kg.