Oil Prices Hit Two-Month Low; Vietnam Cuts Gasoline Prices

Global oil prices fell to a two-month low in the previous trading session. At the close, Brent crude was down 1.2% at $91.49 a barrel, while U.S. WTI crude fell 0.9% to $86.04 a barrel. Both benchmarks closed at their lowest levels since August 31 for a second consecutive session. At 7:15 a.m. Vietnam time on November 11, Brent crude stood at $91.49 a barrel, while WTI was up 0.19% at $86.20 a barrel.

The decline in oil prices was linked to easing concerns about disruptions to Middle East supplies. The U.S. secretary of state said he had told G7 allies that U.S. economic sanctions and a naval blockade against Iran were working, so the U.S. president did not need to launch large-scale military operations against Iran. Oil prices initially fell by more than $3 a barrel before paring their losses; a senior Iranian security official said Tehran and Washington were not currently holding talks.

Other developments also affected the oil market. Russian and Ukrainian officials held peace talks in Abu Dhabi, but major differences remained between the two sides. An end to the conflict that allowed Russia to increase oil exports could affect supply. U.S. consumer prices rose more than expected in October, which investors believe increased the likelihood of a Federal Reserve interest rate increase at its December meeting. Higher borrowing costs could curb economic growth and oil demand.

In Vietnam, the Ministry of Industry and Trade and the Ministry of Finance adjusted fuel prices on the afternoon of November 5. After the adjustment, E5RON92 gasoline cost 20,898 dong per liter, down 2,305 dong from the previous pricing period; E10RON95-III gasoline cost 21,156 dong per liter, down 2,075 dong; and 0.05S diesel cost 28,696 dong per liter, down 180 dong.

Source: VietVance