Asian oil prices fell to the lowest level since July
At 7 a.m. Vietnam time, Brent oil price dropped 91 US cents (2.1%) to 41.75 USD / barrel, after falling to 41.51 USD / barrel, the lowest level since date. July 30.
|Employees pump fuel for vehicles at a gas station in Hebei, China on June 28, 2020. (Source: THX / TTXVN)|
In the morning session on September 7, oil prices were at Asian market dropped to the lowest level since July, after Saudi Arabia made the strongest oil price drop for Asian customers and investors expressed concern about the prospect of “black gold.”
Specifically, at 7am Vietnam time, Brent oil price down 91 US cents (2.1%) to $ 41.75 / barrel, after falling to $ 41.51 / barrel, the lowest level since July 30.
Oil prices Light sweet New York fell 91 US cents (2.3%) to 38.86 USD / barrel after slipping at 38.55 USD / barrel, the lowest level since July 10.
In spite of the Organization of Petroleum Exporting Countries (OPEC) production cuts and its allies along with efforts to stimulate the economy and boost demand for oil from other countries, oversupply. The global market has forced refiners to limit output and manufacturers to lower prices further.
According to ANZ analysts, this year’s Labor Day (September 7) officially marks the end of the peak travel season in the US and investors are faced with the realities of consumer demand. oil consumption is still weak, while inventories are still high.
The world’s top oil exporter Saudi Arabia cut its October official price for Arab Light oil sold to Asian countries with the biggest drop since May.
Currently Asia is Saudi Arabia’s largest market by region.