The information that OPEC + may be delay the plan to increase production coupled with a series of positive economic data from the US continue to push the oil and gas prices up today.
As of early the morning of November 4th, according to Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivery in December 2020 was at 38.11 USD/barrel, up 1.34 USD/barrel in session. And if compared with the same time on November 3rd, the WTI oil price delivery in December 2020 increased 1.01 USD/barrel.
Oil prices on November 4th continued to increase sharply when the crude oil market received information about the possibility that OPEC + may be delay the plan to increase production from January 2021 when the demand for fuel slowly improves.
Specifically, on November 2nd, Energy Minister Alexander Novak met with Russian producers on Monday (November 2nd) to discuss postponing easing of production cuts for three months.
Besides, today’s oil price was also driven by the excitement of investors when the stock market continuously rallied strongly.
In addition, it is expected that the US will soon deploy the new larger support packages possibility that are strongly boost the world’s No. 1 economy, creating a general growth engine for the global economy. Thereby, improving fuel consumption demand also supported oil prices on November 4th to continue strong momentum.
In the domestic market, today’s oil and gas price was recorded 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 (an increase of 340 VND/kg)