Oil price falls below 100 USD/barrel

Data from Oilprice shows that, at 10:30 am today (April 1, Vietnam time), oil prices Brent crude for June delivery traded at 107.9 USD/barrel, down 5.54 USD, equivalent to 4.88% compared to yesterday (March 31).

Oil price lost 100 USD/barrel. (Illustration image – Photo: istock)

At the same time, the price of WTI crude oil delivered in May traded at 99.86 USD/barrel, down 0.42 USD, or 0.42% compared to yesterday.

On the Asian market, at 13:29 today, Vietnam time, the price of US light sweet crude oil (WTI) decreased by 1.02 USD to 99.26 USD/barrel, while the North Sea Brent oil price decreased by 79 US cents, delivered traded at 103.92 USD/barrel. Oil prices in Asia fell ahead of the meeting of the International Energy Agency (IEA).

World oil prices started to fall sharply yesterday. Closing the session on March 31, the price of US light sweet crude oil (WTI) for May delivery fell 7.54 USD/barrel, or 7%, to 100.28 USD/barrel after touching a low of 99.66 USD. /bin. The price of Brent crude oil also fell $5.54, or 4.8%, to $107.91 a barrel.

Analysts said that oil prices plunged after a series of hot events affecting the global oil supply.

Oil prices fell sharply after US President Joe Biden announced he was considering releasing strategic reserves to curb the rise in oil prices.

President Biden said that he has decided to export 1 million barrels per day from the strategic reserve within the next 6 months, equivalent to more than 180 million barrels of oil for the whole batch. This is like a wartime emergency supply, while producers wait to increase oil production between now and the end of the year.

Following the US announcement, OPEC+ agreed to increase production by about 430,000 bpd from May, higher than previously planned.

In addition, other members of the International Energy Agency (IEA) are likely to release oil to make up for the shortfall in exports from Russia after the country was hit by Western sanctions and America.

IEA member countries will meet at 19:00 on April 1 (Vietnam time) to discuss another emergency release of oil after the discharge of about 60 million barrels of oil under the agreement reached on January 1. 3.

On the other hand, the drop in oil prices was also due to the fear that oil demand from China will decrease in the context that Shanghai, the largest city in the country, is applying a blockade order to prevent the spread of the COVID-19 epidemic. .

In the domestic market, in today’s operating period, the Inter-Ministry of Industry and Trade – Finance decided to reduce the price of gasoline, but increase the price of oil. Accordingly, the price of E5RON92 gasoline decreased by 1,030 VND/liter, priced at 27,300 VND/liter; RON95-III gasoline decreased by 1,040 VND/liter, priced at 28,150 VND/liter.

Meanwhile, the price of diesel oil 0.05S increased to 1,450 VND/liter, the selling price was 25,080 VND/liter; kerosene increased by 1,520 VND/liter, selling price was 23,760 VND/liter.

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