The expectation that countries will be more aggressive in implementing the economic stimulus and support packages, thereby promoting energy demand improvement, has supported oil and gas prices today slightly increased.
As the early morning of August 24th, Vietnam time, on the New York Mercantile Exchanghe, the WTI light sweet crude oil delivered in October 2020 was at 42.47 USD / barrel, up 0.13 USD / barrel the in session.
Meanwhile, the price of Brent oil delivered in October 2020 was at 44.48 USD / barrel, up 0.13 USD / barrel during the session.
Oil prices on August 24th increased slightly mainly because investors believed that the prospects for economic recovery in the coming time would be significantly improved thanks to the ongoing economic stimulus and support packages.
Another factor is the fact that countries with positive results in Covid-19 vaccine research are also supporting today’s oil prices to go up.
Since the beginning of 2020, world oil prices have been under strong pressure to decline due to the impact of the Covid-19 epidemic. The outbreak of the epidemic disrupted global supply chains and production chains, forcing many countries to blockade and isolate the economy, thereby exacerbating the imbalance between supply and demand in the market, causing oil prices to plunge, at times recorded in negative.
However, with the Covid-19 pandemic expected to be soon controlled, OPEC + drastically cuts output according to the agreement … oil and gas price is expected to recover in the near future.
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.