On November 7, Brent crude oil price decreased by 61 cents, equivalent to 0.81%, to 74.92 USD/barrel. WTI crude oil price decreased by 30 cents, equivalent to 0.42%, to 71.69 USD/barrel.
The U.S. presidential election and the early vote count in particular triggered a sell-off that sent oil prices down more than $2 a session as the dollar strengthened, Reuters reported. A stronger dollar means dollar-denominated commodities like oil become more expensive for holders of other currencies, putting pressure on prices.
Analysts say that any initial excitement and enthusiasm for selling has faded. In the short term, oil prices are more likely to rise than fall. Oil prices are currently trading in a narrow range as investors have shifted their attention to near-term demand and supply.
However, the conflict in the Middle East is still limiting the decline in oil prices today. The re-election of former President Donald Trump is expected to bring many changes in foreign policy. Sanctions on Iran and Venezuela may be extended. This means that crude oil supplies from the two countries will have difficulty entering the market, pushing oil prices to maintain high levels.
Domestically, updated to this morning, November 7, some key traders forecast that domestic gasoline prices in the price adjustment period this afternoon may increase following the world’s upward trend last week. Accordingly, gasoline prices are estimated to increase from 350 – 370 VND/liter, diesel prices increase from 460 – 770 VND/liter, except for fuel oil, which decreased slightly by less than 100 VND/kg.
Since the beginning of the year, domestic gasoline prices have undergone 43 adjustment sessions, including 21 decrease sessions, 17 increase sessions and 6 uneven sessions.
Source: Vietnam Insider