World oil prices plummet due to increased supply pressure

According to Bloomberg, this morning (11/13,Vietnam time), world oil prices are still hovering at their lowest level since August 2015 after yesterday's sharp price drop.

Specifically, WTI oil on the Nymex floor is currently 41.52 USD/barrel, while Brent oil on the ICE floor is only 44.08 USD/barrel.

Earlier, at the close of trading on November 12, oil prices plummeted immediately after the US government announced that crude oil supplies had increased for the seventh consecutive week last week. This further increased concerns about oversupply, causing oil prices to fall.

At the end of the trading session on November 12, WTI crude oil for December delivery on the Nymex floor decreased by 1.18 USD/barrel (equivalent to 2.8%) to 41.75 USD/barrel, the lowest closing level since August 26, 2015.

WTI oil price on Nymex floor in 1 month (Source: Bloomberg)

Brent oil for December delivery on the ICE Futures exchange fell sharply by $1.75/barrel (equivalent to 3.8%) to $44.06/barrel.

At the same time yesterday, on the Nymex floor, the price of gasoline for December delivery contract decreased by 5.6 cents (equivalent to 4.2%) to 1,273 USD/gallon. The price of heating oil for December delivery also decreased by 4.1 cents (equivalent to 2.8%) to 1,407 USD/gallon./.

According to VOV.VN