Gasoline price today November 20, 2024: World crude oil prices continue to increase
Oil prices today November 20, 2024: World crude oil witnessed the next trading session of price increases for WTI and Brent crude oil.
World oil prices
This morning, world crude oil prices continued to increase slightly. Updated at 6:42 a.m. (Vietnam time), WTI crude oil in the US market reached 69.5 USD/barrel, up 0.32 USD (more than 0.46% compared to the previous day). Brent oil traded around 73.3 USD/barrel, up 0.05 USD (more than 0.08% compared to the previous day).
The price increase was largely due to the decision by the Biden administration to allow Ukraine to use long-range weapons supplied by the United States to strike targets deep inside Russia. The escalation of the conflict has helped push oil prices up.
Russia's oil exports have not been affected much yet, but oil prices could rise further if Ukraine continues to attack Russian oil facilities, according to energy analyst Saul Kavonic.
In addition, supply problems at the Tengiz oil field, Kazakhstan's largest, also contributed to the increase in oil prices because production here has decreased by 28-30% due to repairs.
Still, weak economic data from China is weighing on oil prices. China’s crude oil imports in November are likely to hit a record high, according to data from Kpler.
The International Energy Agency (IEA) also forecasts that global oil supply will exceed demand by more than 1 million barrels per day by 2025, even if OPEC+ continues to cut production, which could further increase oil prices.
Domestic gasoline prices
The Ministry of Industry and Trade - Ministry of Finance has just decided to adjust and reduce gasoline prices as follows:
RON 95-III gasoline decreased by 247 VND/liter, to 20,607 VND/liter.
E5 RON 92 gasoline decreased by 292 VND/liter, to 19,452 VND/liter.
Diesel oil decreased by 344 VND/liter, to 18,573 VND/liter.
Kerosene decreased by 306 VND/liter, to 18,988 VND/liter.
Fuel oil decreased by 385 VND/kg, to 16,099 VND/kg.
During this adjustment period, the management agency did not set aside or use the Petroleum Price Stabilization Fund for petroleum products. Since the beginning of the year, gasoline prices have increased 21 times and decreased 24 times.
According to Mr. Doan Tien Quyet, data analysis expert at VPI, VPI's gasoline price forecasting model using artificial neural networks (ANN) and supervised learning algorithms in the field of Machine Learning has made the following forecasts:
E5 RON 92 gasoline: Forecast to decrease by VND 255/liter (equivalent to 1.3%) to VND 19,195/liter.
RON 95-III gasoline: Forecast to decrease by VND 201/liter (equivalent to 1%) to VND 20,399/liter.
Diesel: Forecast to decrease 1.6% to VND18,277/liter.
Kerosene: Forecast to decrease 0.9% to VND18,804/liter.
Fuel oil: Forecast to decrease slightly by 0.3% to VND15,948/kg.
In addition, VPI believes that in this adjustment period, the Ministry of Finance - Industry and Trade is likely to continue not to set aside or use the Petroleum Price Stabilization Fund.