The second Covid-19 wave is going complicated in many countries, threatening to reduce fuel demand in the near future, dragging the price of oil and gas today down to the lowest level in 4 months.
As the early morning of October 30th, Vietnam time, on the New York Mercantile Exchange, the price of WTI light sweet crude oil delivered in December 2020 was at 36.15 USD/barrel, down 0.02 USD/barrel in the session. However, compared to the end of the morning on October 29th, the WTI oil price delivered in December 2020 decreased to 1.36 USD/barrel.
Meanwhile, the price of Brent oil delivered in December 2020 was at 37.62 USD/barrel, decreased by 0.03 USD/barrel in the session and decreased by 1.48 USD/barrel compared to the end of the morning on October 29th.
Oil prices on October 30th continued to plunge, mainly because investors feared that the demand for crude oil would once again drop when the second Covid-19 wave broke out, forcing many countries to re-establish wind measures, discharge and isolate the economy.
Strategic Margaret Yang of DailyFX said that countries taking measures to blockade and quarantine in response to the second wave of Covid-19 translation could lead to more negative impacts on global energy demand quantity.
However, analysts also said that, with the current movements of oil prices, OPEC + may have to reconsider its plan to increase production by 2 million barrels/day from January 2021. This, if implemented, will partly ease the downward pressure on crude oil prices.
In the domestic market, today’s oil and gas price were as follows: E5 RON 92 gasoline price is not higher than 14,109 VND/liter; RON 95-III gasoline price is not higher than 14,940 VND/liter (down 182 VND/liter); Diesel oil price of 0.05S is not higher than 11,218 VND/liter; kerosene price is not higher than 9,717 VND/liter; the price of mazut oil 180CST 3.5S was not higher than 11,261 VND/kg (up 340 VND/kg).