Oil Prices Rise on November 11; Vietnam Fuel Prices Reflect Latest Adjustment
Brent and U.S. WTI crude rose 1.39% and 0.57%, respectively, on November 11. Early on November 12, Brent was steady while WTI fell. Markets are watching Middle East supply and shipping risks in the Strait of Hormuz. The fuel prices listed for Vietnam reflect the November 5 adjustment.
International crude prices rebounded on November 11 after hitting a two-month low in the previous session. Brent crude closed up 1.39% at $92.76 a barrel, while U.S. WTI crude closed up 0.57% at $86.53 a barrel. At 7:15 a.m. Vietnam time on November 12, Brent was unchanged at $92.76 a barrel, while WTI fell 0.38% to $86.21 a barrel.
As oil prices recovered, the head of Iran’s security agency said Iran would not allow any enriched nuclear material to leave the country. The statement heightened market concerns about Middle Eastern oil supplies. The United States had previously said nuclear issues must be included in any initial talks aimed at ending the U.S.–Iran war.
On the supply side, OPEC+ increased crude production in October, mainly driven by higher output from Saudi Arabia, but there has been little sign of improvement in shipping disruptions in the Strait of Hormuz. Markets are also watching changes in U.S. crude inventories: market sources citing American Petroleum Institute data said U.S. crude stocks rose by 9 million barrels in the most recent week. Official data have yet to be released.
The listed fuel prices in Vietnam come from a joint price adjustment by the Ministry of Industry and Trade and the Ministry of Finance on the afternoon of November 5. After the adjustment, E5RON92 gasoline cost 20,898 Vietnamese 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
