Gasoline price today 11/5/2024: Sharp increase
Gasoline prices today November 5, 2024: Strong 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 the morning of November 5, world crude oil prices, including WTI and Brent, both increased sharply. At 6:00 a.m. (Vietnam time), US crude oil prices 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 daily price rose between 2.9% and 3.1%, marking the most significant increase in the past week. As experts predicted, crude oil prices rebounded early this week after falling late last week. Currently, oil prices are at levels similar to those in September and October, but still lower than those in June, July and August. The price increase is believed 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, French group TotalEnergies forecasts global oil demand will peak after 2030, under two most likely energy transition scenarios.
The chairman of Italian energy company Eni said that OPEC+ supply cuts and efforts to ease these restrictions 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 fluctuations in 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 20,503 VND/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 supply of gasoline from businesses and will strictly handle any violations, if any.