The positive forecasts about the US economy and the expectation of investors in the new support package of this country made the oil and gas prices increase slightly today.
As the early morning of October 27th, Vietnam time, on the New York Mercantile Exchange, the price of WTI light sweet crude oil delivered in December 2020 stood at 38.68 USD / barrel, up 0.12 USD / barrel in the session. However, if compared with the same period on October 26th, WTI oil price delivered in December 2020 decreased 0.61 USD / barrel.
Meanwhile, the price of Brent oil delivered in December 2020 stood at 40.57 USD / barrel, increased by 0.11 USD / barrel during the session but decreased by 0.75 USD / barrel compared to the same period on October 26th.
Oil prices on October 27th tended to increase slightly mainly because investors expected a strong recovery in US economic growth data in the third quarter of 2020.
The US presidential election is also about to take place and a new support package of up to trillions of dollars will be deployed soon.
However, today’s oil prices are still under pressure of supply – demand imbalance in the market. The Covid-19 epidemic continued to spread and increase in many countries. China, after a long absence of new cases, has recorded a boom in the Xinjiang region.
In addition, the fact that China stopped importing oil in the context of its full oil depots also put a great pressure on oil prices on October 27th.
Oil supply is still very plentiful and is expected to be more severe when OPEC + increases production by 2 million barrels / day since January 2020.
In the domestic market, today’s oil and gas prices are as follows: E5 RON 92 gasoline price is not higher than 14,268 VND / liter; RON 95 gasoline price is not higher than 15,122 VND / liter; diesel oil price of 0.05S is not higher than 11,128 VND / liter; kerosene price is not higher than 9,594 VND / liter; mazut oil price 180CST 3.5S not higher than 10,921 VND / kg.