World oil prices continued to fall at the end of yesterday’s trading session (October 28), with a decrease of approximately 2%, this is the third consecutive decrease if counting the last session of the previous week.

World oil prices

At the end of the trading session on October 28, Brent oil price decreased by 1.22 USD/barrel, equivalent to 1.9%, to 64.40 USD/barrel. WTI oil price decreased by 1.16 USD/barrel, also equivalent to 1.9%, to 60.15 USD/barrel.

On the Oilprice exchange, at 7:35 a.m. this morning, October 29 (Vietnam time), WTI oil price was trading at 60.25 USD/barrel, up 0.17%; Brent oil price was trading at 64.52 USD/barrel, up 0.19%.

World oil prices continued to fall as investors were assessing the impact of new US sanctions on Russia’s two largest oil and gas corporations, while continuing to monitor the possibility that OPEC+ will increase production in the near future.

The US president is expected to impose sanctions on Russian oil companies, but may be flexible. According to the German economy minister, the US has given a written commitment that Rosneft’s German subsidiaries will be exempt from sanctions because they have “separated from the parent company in Russia.” This will partly alleviate concerns about a sudden tightening of global supplies in the near future.

Illustration photo.

In addition, OPEC+, which includes the Organization of the Petroleum Exporting Countries and its allies (including Russia), is considering a possible slight increase in production in December. After years of cutting production to support oil prices, the organization began reversing that trend in April this year.

Regarding US petroleum inventory data, according to data released by the American Petroleum Institute (API) on Tuesday, US crude oil, gasoline and distillate inventories all decreased in the week ending October 24. Specifically, crude oil decreased by 4.02 million barrels, gasoline decreased by 6.35 million barrels and distillate products decreased by 4.36 million barrels compared to the previous week.

In the short term, investors are also watching the prospects for a trade deal between the US and China, the world’s two largest oil consumers, as President Donald Trump is expected to meet with President Xi Jinping this Thursday.

Domestic gasoline prices

Domestic retail prices of gasoline on October 29, specifically as follows:

E5RON92 gasoline: No higher than 19,050 VND/liter
RON95-III gasoline: No higher than 19,726 VND/liter
0.05S diesel: No higher than 17,885 VND/liter
Kerosene: No higher than 18,115 VND/liter
180 CST 3.5S fuel oil: No higher than 14,098 VND/kg.

The Ministry of Industry and Trade and the Ministry of Finance have just adjusted the retail price of gasoline and oil from 3:00 p.m. on October 23. After the adjustment, domestic gasoline and oil prices have decreased simultaneously. Specifically, the price of E5RON92 gasoline decreased by 176 VND/liter, RON95-III gasoline decreased by 177 VND/liter, diesel oil decreased by 538 VND/liter, kerosene decreased by 291 VND/liter and fuel oil decreased by 273 VND/kg.

According to the Ministry of Industry and Trade, the world oil market in this management period is affected by main factors such as: OPEC+ announced an increase in oil production in November but the increase was lower than expected; global oil demand tends to weaken; the military conflict between Russia and Ukraine continues, Ukraine continues to increase attacks on Russia’s energy facilities… The above factors have caused world oil prices in recent days to fluctuate up and down depending on each product, but the downward trend is mainly.