In the context that the crude oil market recorded a lot of positive news, today oil and gas price suddenly turned back to reduce sharply due to concerns of US-China tensions continuing to break out and extend.
In the early morning of September 3, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in October 2020 was at 41.72 USD / barrel, up 0.21 USD / barrel in the session. However, if compared with the same time on September 2, the WTI oil price delivered in October 2020 decreased to 1.35 USD / barrel.
Meanwhile, the price of Brent oil delivered in November 2020 was at 44.45 USD / barrel, up 0.02 USD / barrel in the session but decreased to 1.51 USD / barrel compared to the same time on September 2.
Oil prices on September 3 decreased sharply in the context that the crude oil market recorded many positive signals.
The report of the America Petroleum Institute (API) said that US crude oil inventories in the week ended in August 28 decreased 6.4 million barrels, to 501.2 million barrels, stronger than the reduction of previous forecast from the experts which was 1.9 million barrels. Gasoline inventories also dropped 5.8 million barrels, stronger than the forecast of 3 million barrels.
Previously, according to news shared by the Oil Price news agency, China imported a large amount of Iranian crude oil despite the US sanctions.
The crude oil market is also being supported by a series of positive data from the US – China economies, especially indicators related to production activities.
However, today’s oil prices are also under high pressure to reduce prices as the US continues to issue warnings that there will be more moves aimed at China. After imposing a new embargo on Huawei, the US is also considering shutting down China’s Confucius Institutes.
In addition, oil prices on September 3 dropped sharply due to concerns about increasing and prolonged global economic instability when US officials said they were considering punishing some countries.
The fact that China still imports Iranian crude oil despite the US ban is likely to spark a trade war between the two largest economies in the world, increasing these concerns.
In the domestic market, today’s oil and gas price is as follows: E5 RON92 gasoline price is not higher than 14,409 VND / liter; gasoline price RON95-III is not higher than 15,114 VND / liter; Diesel oil price of 0.05S is not higher than 11,961 VND / liter; kerosene price is not higher than 10,125 VND / liter; mazut oil price 180CST 3.5S not higher than 11,183 VND / kg.