Concerns about oversupply in the crude oil market are growing as Libya’s oil export activities resumed, while the Covid-19 epidemic is showing signs of booming in many countries, pushing the price of gasoline today down sharply.
As the early morning of October 26th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in December 2020 was at $ 39.29 / barrel, down $ 0.56 / barrel in the session.
Meanwhile, the price of Brent oil delivered in December 2020 was at 41.32 USD / barrel, down 0.45 USD / barrel in the session.
Oil prices on October 26th fell sharply mainly due to concerns that fuel consumption, including crude oil, would decline when the Covid-19 epidemic broke out in many countries, meanwhile, the support package new US has yet to be approved.
Oil prices today are also under pressure to reduce because of the news that Libya’s oil exports are resumed increasing the crude oil supply in the market.
Last week, oil prices continued to decline when the market recorded many negative signals on both supply and demand sides, especially the news that China, the world’s top crude oil consumer, suspends oil imports since it’s storage capacity has been filled.
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.