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Petrol prices fell sharply at the same time

On the New York Mercantile Exchange, on the morning of April 2 (Vietnam time), the price of WTI light sweet crude oil delivered in May 2022 stood at $99,427/barrel, down $0.86/barrel during the session.

And the price of Brent oil delivered in June 2022 stood at $104.37/barrel, down 0.34 USD/barrel during the session.

Petrol prices dropped sharply - 1

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Experts said that in the context of the pressure of supply shortage as well as the prospect of global oil consumption cooling down, oil prices on April 2 simultaneously dropped sharply.

Accordingly, at the end of an extraordinary ministerial meeting of the International Energy Agency (IEA) on April 1, organized by the US Department of Energy Jennifer Granholm, the US allies agreed to strongly discharge the emergency stockpile. to lower oil prices. Details of the plan will be announced by the IEA early next week.

IEA with 31 member countries, including the US. Total oil reserves in these 31 countries are about 1.5 billion barrels.

The IEA’s decision came after the US announced it would release its reserves of 1 million bpd within the next six months, or about 180 million bpd.

On the supply side, the information that Russia is still pumping gas to Europe according to the parts of the contract that have been paid and the application of payment in rubles will only take place in the second half of April also partly relieve the pressure on supply. on the market.

Oil prices fell sharply today due to a stronger USD on the expectation that the FED will continue to raise interest rates.

In addition, fear of a crisis, recession economy and the negative developments of the Covid-19 epidemic, which reduced global oil consumption demand, also put pressure on oil prices to plunge today.

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