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The optimistic economic data from the US and the assessment of the ability to financially support China’s economy in 2021 pulled up today’s oil and gas prices.
As the early morning of October 19th, Vietnamese time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in December 2020 was at $ 41.15 / barrel, up $ 0.03 / barrel in the session.
Meanwhile, the price of Brent oil delivered in December 2020 was at 42.96 USD / barrel, up 0.03 USD / barrel in the session.
Oil prices on October 19th regained slightly in the context that the crude oil market recorded a series of positive supportive information on both supply and demand sides.
On the demand side, both Russia and Saudi Arabia, two countries that have an important voice in OPEC +, have just broadcast their views of continuing to maintain the current 9.7 million barrels / day output cut.
It is expected that the Joint Material Management Center (JMMC), the body that oversees the compliance with production cuts, will meet today (October 19th).
On the demand side, both the US and China economies, the biggest fuel-consuming economies, recorded very optimistic signals.
Data released by the US Department of Commerce showed that US retail sales in September rose 1.9%, much higher than the 0.7% level previously forecasted by economists on Wall Street. The increase in retail sales in the US in September 2020 also exceeded the 0.6% increase in August 2020 and the 0.9% increase in July 2020.
With China, Mr. Vitor Gaspar, director of the financial division of the International Monetary Fund (IMF), recently said that China has financial “room” to support the economic recovery and urge to strengthen the macro-finance base to respond to the ever-growing challenges of the Covid-19 epidemic.
According to the Financial Monitoring Report released in October 2020, governments have taken strong measures to cope with the COVID-19 epidemic with financial support policies up to 12,000 billion USD.
Previously, according to a survey conducted by Reuters, experts also stated that China’s economic recovery momentum will increase in the third quarter of 2020. Specifically, in the third quarter of 2020, the world’s second largest economy is expected to increase by 5.2% over the same period last year, higher than the 3.2% increase in the second quarter of 2020.
Analysts also forecasted that China’s industrial output in September will increase 5.8% year-on-year, higher than August’s 5.6% increase. Retail sales are also expected to grow 1.8% over the same period compared with a 0.5% increase in August.
In the domestic market, today’s oil and gas prices are as follows: E5 RON 92 gasoline price is not higher than 14,268 VND / liter; RON 95 gasoline price is not higher than 15,122 VND / liter; diesel oil price of 0.05S is not higher than 11,128 VND / liter; oil price is not higher than 9,594 VND / liter; mazut oil price 180CST 3.5S not higher than 10,921 VND / kg.
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