The pressure of oversupply is increasing when the prospect of economic recovery is worsening, which pushes gasoline prices decreased sharply today.
On the morning of September 9, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in November 2020 was at 36.42 USD / barrel, down 0.34 USD / barrel in the session. However, if compared with the same time on September 8, WTI oil price delivered in November 2020 has dropped to 3.2 USD / barrel.
Meanwhile, the price of Brent oil delivered in November 2020 was at 39.45 USD / barrel, down 0.33 USD / barrel in the session and down to 3.44 USD / barrel compared to the same period on September 8.
Oil prices on September 9 fell sharply in the context of increasing oversupply pressure.
China, the world’s top crude oil consumer, reduced its consumption in August 2020 and increased domestic oil exports.
Tensions between the US and China are still “heating up” day by day after the announcement of cutting economic relations with China, threatening to punish US companies which is creating jobs outside the US from President Donald Trump.
Analysts said that, no matter what the US presidential election results are, the US opinion towards China will be difficult to change, which means that the tension will be difficult to end. This will not benefit global trade because the US and China are currently the largest economies and centers of industrial production. This concern has intensified the pressure, causing oil prices to plummet today.
In addition, the continued increase in the Covid-19 epidemic in many countries was also the factor that pushed the gasoline prices down today.
Psychological effects on the stock market, the sharp reduction in oil prices by Saudi Arabia … and the risk of Britain leaving the EU without any agreement also made oil prices on September 9 decreased.
In the domestic market, today’s oil and gas prices are as follows: E5 RON92 gasoline price is not higher than 14,409 VND / liter; gasoline price RON95-III is not higher than 15,114 VND / liter; diesel oil price of 0.05S is not higher than 11,961 VND / liter; kerosene price is not higher than 10,125 VND / liter; mazut oil price 180CST 3.5S not higher than 11,183 VND / kg.