Source

The news about the US $ 1,800 billion economic stimulus and support package was rejected, dragging the oil and gas price down today when the market recorded many concerns about the prospect of a global economic recovery.

Illustration image

In the early morning of October 16th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in December 2020 was at $ 41.20 / barrel, down $ 0.04 / barrel in the session. And if compared with the same time on October 14th, the WTI oil price delivered in December 2020 decreased by 0.17 USD / barrel.

Meanwhile, the price of Brent oil delivered in December 2020 was at 43.11 USD / barrel, down 0.05 USD / barrel in the session and 0.27 USD in comparison with the same time on October 15th.

Oil prices on October 16th tended to decrease when concerns about improving crude oil demand arose after the US $ 1,800 economic stimulus, support package which is expected to be a hit to boost the global economic growth, was rejected.

The unfavorable developments surrounding the Brexit negotiations, the Covid-19 epidemic … are also factors that increase risks to the global economic recovery process, thereby having a strong impact on demand for crude oil in the market.

European nations are re-imposing curfew and blockade orders as the number of new COVID-19 infections increases. India, which is on track to overtake the US to become the country with the highest number of COVID-19 cases in the world.

Oil prices today are also under pressure to reduce when the warning of a new oil price war is issued.

According to RT channel (Russia), although the new oil price war has not been mentioned much, some countries are frustrated with the need to refrain from exploiting to counterbalance the “over-exploitation” of some other countries.

In addition, the top oil importers in Asia, China and India, have benefited from falling oil prices and stockpiling “black gold”. Currently, most of the Asian oil importers are “satisfied” with the reserves, forecasting the prospect of oil demand will not increase sharply in the near future.

In the domestic market, today’s oil and gas prices are as popular 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.