General petroleum market
US WTI crude oil price at 8:00 am (Vietnam) decreased by 0.34 USD/barrel, equivalent to 0.44%, to 77.08 USD/barrel. At the same time, US Brent crude oil price decreased by 0.23 USD/barrel, equivalent to 0.28%, to 81.2 USD/barrel.
At the end of the first trading session of the week (August 27), oil prices increased by more than 3%. Brent oil price increased 2.41 USD, equivalent to 3.05%, to 81.43 USD/barrel. WTI oil price increased by 2.59 USD, equivalent to 3.5%, to 77.42 USD/barrel.
Analysts said tensions in the Middle East, production outages in Libya and weak oil inventories at Cushing, Oklahoma, the main US storage hub, were the main factors supporting oil prices.
According to Reuters, on August 27, the eastern Libyan government announced the closure of all oil fields, stopping production and export activities. Libya’s National Oil Corporation (NOC) subsidiary Waha Oil Company said it plans to gradually reduce output and warned of a complete halt to Libya’s output, citing protests and pressure. .
Libya’s Sirte Petroleum Company, another NOC subsidiary, said it would begin to partially cut output. According to the Organization of Petroleum Exporting Countries (OPEC), Libya’s oil production in July reached about 1.18 million barrels/day.
Meanwhile, in the Middle East, tensions continue to escalate. Previously, on August 25, no agreement was reached during the meetings ceasefire negotiations in Gaza take place in Cairo, as both Hamas and Israel disagree with some compromises offered by mediators go out.
World oil price developments updated to August 27, 2024
According to Htcn.vn synthesis
For more information about Hanpak’s plastic bag products, please contact us:
Email: info@hanpak.com.vn
Hotline (Mobile/WhatsApp): +84 898 545 893
Our experienced sales team is ready to assist you. Contact us today to place your order and experience the quality and reliability that Hanpak offers.