The expectation that the US economic recovery will create a driving force to improve fuel demand in the market, including crude oil, has pulled oil and gas prices up sharply today.
As of early morning, on November 3rd, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in December 2020 was at 37.14 USD/ barrel, up 0.34 USD/barrel in session. However, if compared with the same time on November 2nd, the WTI oil price delivery in December 2020 increased to $2.31/barrel.
Meanwhile, the price of Brent oil delivery in January 2021 was at 39.30 USD/barrel, up 0.33 USD/barrel in the session, but up to 3.1 USD/barrel.
Oil and gas prices on November 3rd increased sharply mainly due to the expectation of improving crude oil demand.
Investors are expecting that the picture of US economic growth will continue to flourish in the coming time, thereby creating a driving force for the global economy to go up.
Oil prices today were also strongly supported by OPEC’s commitment not to abolish the OPEC oil output cut extension agreements + if market conditions are guaranteed.
In addition, countries promoting the approval and implementation of the Covid-19 vaccine is also increasing their expectation to prevent the Covid-19 epidemic, thereby minimizing negative impacts on fuel consumption market.
In the domestic market, today’s oil and gas price was recorded 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 (an increase of 340 VND/kg).