A series of positive news on both supply and demand sides pushed up oil and gas price today.
As the early the morning of August 26th, Vietnam time, on the New York Mercantile Exchange, the price of WTI light sweet crude oil delivered in October 2020 was at $ 43.45 / barrel, up $ 0.10 / barrel in the session. However, if compared with the same time on August 25th, the WTI oil price delivered in October 2020 increased to 0.99 USD / barrel.
Meanwhile, the price of Brent oil delivered in October 2020 was at 45.86 USD / barrel, up 0.16 USD / barrel in the session and up to 0.79 USD / barrel compared to the same period on August 25th
Oil prices on August 26th increased sharply while the crude oil market recorded a lot of positive news, raising expectations for improved demand in the coming time.
In Europe, Germany’s economic growth in the second quarter of 2020 was higher than expected, instead of (-10.1%), the country’s GDP in the second quarter of 2020 was recorded at (-9.7). IFO Germany business environment index in August also reached 92.6, higher than the expectation of 92.2 given earlier.
Concerns about escalating tensions between the US and China over the past time could cause the first phase of trade agreements to be broken, leading to an “economic war” on a large scale downs when both countries announced they would complete the contents of the agreement.
In addition, investors’ expectation on further easing policy and new FED inflation determinations as well as new US economic stimulus and support packages have pushed oil prices up today.
Bedside that, investors are also placing their hopes on the results of research and preparation of Covid-19 vaccine will be quickly deployed into practice, thereby ending concerns about epidemics. This is expected to strongly boost the demand for crude oil in the market.
On the supply side, OPEC + countries are still trying to implement agreed output cut agreements to stabilize the crude oil market. Meanwhile, in the short term, oil supplies will also be partially interrupted as storms pour into the Gulf of Mexico forcing operators to withdraw all workers and stop mining in the area.
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 14,922 VND / liter; Diesel oil price of 0.05S is not higher than 12,201 VND / liter; kerosene price is not higher than 10,207 VND / liter; mazut oil price 180CST 3.5S not higher than 11,183 VND / kg.