The excitement of investors at the prospect of economic recovery after the Covid-19 epidemic continued to increase oil and gas prices today.
As the early morning of September 18th, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in November 2020 was at $ 41.28 / barrel, up $ 0.06 / barrel in the session. However, if compared with the same time on September 17th, WTI oil price delivered in November 2020 increased by 0.78 USD / barrel.
Meanwhile, the price of Brent oil delivered in November 2020 was at 43,337 USD / barrel, up 0.03 USD / barrel in the session and 0.97 USD / barrel compared with the same time on September 17th.
Oil prices on September 18th increased sharply in the context of investors being excited about the prospect of a high economic recovery, which would greatly improve the demand for fuel, including crude oil, in the coming time.
After the policy meeting ended on September 17th, FED made judgments which are considered positive for the US economic prospects, and at the same time committed to adding new supportive moves if deemed necessary.
Specifically, according to FED, US GDP may decrease by 3.7% in 2020 (weaker than estimated 6.5% in June 2020), then grow by 4% in 2021. At the same time, the unemployment rate will be 7.6% in 2020 (lower than the estimate of 9.3% in June), then decrease to 5.5% in 2021.
In addition, the simultaneous announcement of the Covid-19 vaccine deployment plans on a large scale by countries has increased the ability to prevent epidemics and strengthened investor confidence in a period of the global economy development. This also supported oil prices to go up today.
Furthermore, the US offshore exploitation affected by the Sally hurricane as well as the news that US crude oil reserves plummeted last week also pushed oil prices on September 18th to continue to rise.
In the domestic market, today’s oil and gas prices are as follows: The gasoline price E5 RON 92 is not higher than 14,266 VND / liter (down 143 VND / liter compared to the current price); gas price RON 95-III is not higher than 14,984 VND / liter (down 130 VND / liter); 0.05S diesel oil is not higher than 11,518 VND / liter (down 443 VND / liter); kerosene is not higher than 9,593 VND / liter (down 532 VND / liter); mazut oil 180CST 3.5S not more than 10,943 VND / kg (down 240 VND / kg).