World oil prices plummet due to increased supply pressure

According to Bloomberg, this morning (November 13,Vietnam time), world oil prices are still hovering at their lowest level since August 2015 after yesterday's sharp 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 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, gasoline prices for December delivery contracts fell 5.6 cents (equivalent to 4.2%) to $1.273/gallon. Heating oil prices for December delivery also fell 4.1 cents (equivalent to 2.8%) to $1.407/gallon./.

According to VOV.VN