World oil prices reversed and fell more than 2% as the market reacted to new US tariff policies, raising concerns about global economic growth.
World oil prices
According to Oilprice, Brent oil price decreased by 1.30 USD, equivalent to 1.85%, to 68.89 USD/barrel; WTI oil price decreased by 1.47 USD, equivalent to 2.15%, to 66.91 USD/barrel.
According to Reuters, the decline came after US President Donald Trump announced that he could impose tariffs of up to 50% on goods from Brazil, in order to put pressure on his Brazilian counterpart Luiz Inacio Lula da Silva.
In response, President Lula da Silva convened a meeting with ministers, a day after hinting at possible retaliatory measures in a social media post.
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| World oil prices reversed and fell more than 2% in the trading session on July 10. Illustration photo: shutterstock |
Not only Brazil, the administration of US President Donald Trump is also preparing to impose tariffs on goods such as copper, semiconductors and pharmaceuticals from a series of countries including the Philippines, Iraq, South Korea and Japan... which are major trading partners of the US.
Harry Tchilinguirian, head of research at Onyx Capital Group, said the history of tariff policy changes under US President Donald Trump has made investors choose to wait.
“The uncertainty in policy making makes market reactions difficult to predict,” said Harry Tchilinguirian.
Also according to Reuters, the minutes of the US Federal Reserve's monetary policy meeting released showed that only "a few" officials supported cutting interest rates in July - partly reflecting caution against inflation risks from new tariff policies. In addition, high interest rates continue to put pressure on oil demand due to rising borrowing costs.
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| Illustration: Oilprice |
Along with that, OPEC+ is expected to approve a plan to increase production significantly in September, after ending voluntary cuts from member countries.
However, according to Phil Flynn, senior analyst at Price Futures Group - OPEC+ could pause production increases in October if demand peaks.
“Previous warnings of ‘peak oil’ have not materialized. High oil prices are now driving drilling activity, both onshore and offshore,” said Phil Flynn.
Domestic gasoline prices
Domestic retail prices of gasoline on July 11, specifically as follows:
| - E5RON92 gasoline: Not higher than 19,659 VND/liter. - RON95-III gasoline: Not higher than VND 20,090/liter. - Diesel 0.05S: Not higher than 18,837 VND/liter. - Kerosene: Not higher than 18,371 VND/liter. - Mazut oil 180CST 3.5S: Not higher than 15,563 VND/kg. |
The Ministry of Industry and Trade and the Ministry of Finance decided on retail gasoline prices from 3:00 p.m. on July 10. Accordingly, the price of E5RON92 gasoline increased by VND214/liter, RON95-III gasoline increased by VND184/liter; diesel oil price increased by VND429/liter; kerosene increased by VND239/liter; and fuel oil price decreased by VND244/kg.
In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.
According to the joint ministries, the world oil market in this management period is affected by major factors such as: Escalating tensions in the Red Sea region; information about the US's new import tax policy on goods from trading partners; increasing US crude oil inventories; ongoing military conflict between Russia and Ukraine... The above factors have caused world oil prices to fluctuate up and down depending on each commodity in recent days.
The average price of finished petroleum products in the world during the mid-price management period is: 78.914 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline; 80.472 USD/barrel of RON95 gasoline; 86.198 USD/barrel of kerosene; 89.298 USD/barrel of 0.05S diesel; 418.920 USD/ton of 180CST 3.5S fuel oil.
HOANG TRUONG
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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-11-7-dao-chieu-giam-381902.html
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