The pressure of oversupply was growing sharply so that gasoline prices continued to decline, in which Brent oil slipped to 36 USD/barrel.
As of early the morning of November 2nd, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil for December delivery was at 34.83 USD/barrel, down 1.79 USD/barrel in session.
Meanwhile, the price of Brent oil delivery in January 2021 was at 36.20 USD/barrel, down 1.74 USD/barrel in the session.
Oil prices on November 2nd fell sharply in the context of the market that recognized the risk of global energy demand, including crude oil plummeting, increasingly clear.
The increasing epidemic of Covid-19 in many countries and regions forced governments of many countries to re-apply measures to block and isolate the economy.
The United States is still the world’s largest epidemic zone with high incidence and mortality.
The epidemic situation in Europe is also developing complicatedly, especially when the area enters winter which is considered very favorable for the development of Covid-19. On October 31st, the UK had to announce a national blockade order, while Greece and Austria strengthened their anti-epidemic measures.
Before that, to stop Covid-19, France, Germany, Belgium and Ireland also decided to close many economic sectors.
While the demand for crude oil is facing many risks, the continuous increase in oil supply grows the big risk of oversupply, thereby causing oil prices to plummet in recent sessions.
In the domestic market, today’s gasoline 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).