World oil prices today have turned to decline due to high oil inventories in the US.
World oil prices
At 6:00 a.m. on October 28, Brent crude oil price was at 72.59 USD/barrel, down 3.46 USD/barrel compared to yesterday. WTI crude oil price was listed at 68.4 USD/barrel, down 3.38 USD/barrel.
A larger-than-expected increase in US oil inventories has cut into the upward momentum of oil prices, causing prices to turn lower. According to the US Energy Information Administration, US crude oil inventories rose by 5.5 million barrels in the week ending October 18, more than 20 times the 270,000 barrel increase expected by analysts and higher than the 1.64 million barrel increase reported by the American Petroleum Institute.
In addition, the market received information that the US and Israel will try to restart negotiations on a possible ceasefire in Gaza.
However, the decline in oil prices was limited by the continued Israeli air strikes and the possibility of an Israeli attack on Iran, which prevented oil prices from falling further.
Recently, the volatility of oil prices is also due to the change in risk premiums in the Middle East, which increase and decrease almost every day.
In addition, oil prices are also affected by the slow growth rate of China - the world's largest crude oil importer.
China on October 22 set its crude oil import quota for 2025 at 257 million tonnes (5.14 million barrels per day), up from 243 million tonnes this year. This also supported oil prices.
Domestic gasoline prices
In the operating period on October 24, the price of E5 RON92 gasoline decreased by 38 VND/liter, not higher than 19,692 VND/liter. The price of RON95 gasoline decreased by 68 VND/liter, not higher than 20,894 VND/liter.
Meanwhile, diesel price also decreased by 264 VND/liter, to 18,057 VND/liter. Kerosene price decreased by 57 VND/liter, not higher than 18,570 VND/liter. Fuel oil price alone increased by 139 VND/kg, not higher than 16,229 VND/kg.
During this period, the executive agency continued not to set aside or use the price stabilization fund for all goods.
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