Oil and gas prices today October 30th: Decreased to the bottom in 4 months

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The second Covid-19 wave is going complicated in many countries, threatening to reduce fuel demand in the near future, dragging the price of oil and gas today down to the lowest level in 4 months.

As the early   morning of October 30^th, Vietnam time, on the New York Mercantile Exchange, the price of WTI light sweet crude oil delivered in December 2020 was at 36.15 USD/barrel, down 0.02 USD/barrel in the session. However, compared to the end of the morning on October 29^th, the WTI oil price delivered in December 2020 decreased to 1.36 USD/barrel.

Meanwhile, the price of Brent oil delivered in December 2020 was at 37.62 USD/barrel, decreased by 0.03 USD/barrel in the session and decreased by 1.48 USD/barrel compared to the end of the morning on October 29^th.

Oil prices on October 30^th continued to plunge, mainly because investors feared that the demand for crude oil would once again drop when the second Covid-19 wave broke out, forcing many countries to re-establish wind measures, discharge and isolate the economy.

Strategic Margaret Yang of DailyFX said that countries taking measures to blockade and quarantine in response to the second wave of Covid-19 translation could lead to more negative impacts on global energy demand quantity.

However, analysts also said that, with the current movements of oil prices, OPEC + may have to reconsider its plan to increase production by 2 million barrels/day from January 2021. This, if implemented, will partly ease the downward pressure on crude oil prices.

In the domestic market, today’s oil and gas price were as follows: E5 RON 92 gasoline price is not higher than 14,109 VND/liter; RON 95-III gasoline price is not higher than 14,940 VND/liter (down 182 VND/liter); Diesel oil price of 0.05S is not higher than 11,218 VND/liter; kerosene price is not higher than 9,717 VND/liter; the price of mazut oil 180CST 3.5S was not higher than 11,261 VND/kg (up 340 VND/kg).