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Saturday May 9, 2020 08:49 AM (GMT + 7)
After yesterday’s session crash, oil prices recovered immediately and rose sharply, although analysts said there was no solid basis for a recovery.
In the early morning hours of May 9, Vietnam time, at New York Mercantile Exchanghe, the price of WTI sweet light crude delivered in July 2020 was $ 26.04 / barrel, an increase of $ 1.21 / barrel during the session. However, when compared to the same date as May 8, the price of WTI oil delivered in July 2020 increased by $ 1.09 / barrel. Meanwhile, the price of Brent oil delivered in July 2020 was $ 30.85 / barrel, an increase of $ 1.39 / barrel during the session and an increase of $ 1.32 / barrel compared to the same time on May 8.
Oil prices have risen sharply as the market believes that demand for crude oil soon rebounded with the economy starting to reopen. China has just announced its export situation in April 2020 with positive signs. Its exports in April increased by 3.5% during the same period of the previous year, marking its first growth since December 2019.
China is the world factory and always the world’s largest consumer. This development also shows that the global value chain has begun to resume and restart, which represents an opportunity to improve the demand for oil in the market.
But some analysts warn that this rebound is probably too early.
According to new data released by the US Department of Labor. In the USA, the world’s largest economy lost 20.5 million jobs in a month of blockade to fight COVID-19. The unemployment rate rose to 14.7%, the highest since the Great Depression of 1929-1933.
The return of oil prices is still not really sure, it needs more time to test.
Oil prices soared
In the domestic market, on 9/5, the prices of popular oil consumer 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/gia-dau-hom-nay-9-5-cam-dau-tang-manh-du-covid-19-van-chua-duoc-kiem-soat-5020 …
The second session in a row, the USD fell in the context of the world still facing many difficulties due to Covid-19.
