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Monday May 4, 2020 08:57 AM (GMT + 7)
In the second session, the world price of crude oil plummeted, bringing the price of WTI oil below the threshold of $ 20 / barrel.
In the early morning of 4/5 Vietnamese time, at the Exchanghe Mercantil in New York, the price of light sweet crude WTI fell 7.7% to $ 18.2 / barrel. The price of Brent oil fell 3.8% to USD 25.6 / barrel.
The price of oil fell in the context that the United States provided less optimistic information about the economy in the first quarter of 2020. Under the impact of Covid-19, the US GDP. USA In the first quarter it decreased 4.8%. This is the lowest level since the financial crisis more than a decade ago. American spending decreased by 7.6% and corporate investment by 8.6%. This has led to a sharp drop in demand for crude oil.
The International Energy Agency (IEA) recently warned that global oil demand is expected to drop to a record low of 9.3 million barrels per day in 2020. Production activity has slowed down as oil storage is gradually coming. to the maximum.
In another development, two “big” companies in the US oil and gas industry said on May 1 that they would cut production and capital spending in response to the decline in the industry due to the impact of the Covid pandemic – 19. . Exxon Mobil recently said it would cut 400,000 barrels of oil per day in the second quarter of 2020 for economic reasons. Chevron announced that it will reduce capital spending from $ 2 billion to $ 14 billion by 2020. Meanwhile, the company’s 80,000 bpd decrease in April will increase to 200,000-400,000 bpd in June. .
Oil prices plummeted in the first session of the week
In the domestic market, on 4/5, the prices of popular petroleum products on the market are as follows:
– E5RON92 gasoline: not higher than VND 10,942 / liter;
– RON95-III gasoline: not higher than VND 11,631 / liter;
– 0.05S diesel: not more than 9,941 VND / liter;
– Kerosene: not more than 7,965 VND / liter;
– Mazut 180CST 3.5S oil: not higher than VND 8,670 / kg.
Source: http://danviet.vn/kinh-te-the-gioi/gia-dau-ngay-4-5-giam-soc-ngay-phien-dau-tuan-1084831.html
The sharp drop in the first half of the week and the sharp rise in the second half of the week were the evolution of oil prices this week.
