At 6:15 a.m. on July 2, the price of WTI oil was 65.38 USD/barrel, up 0.44 USD/barrel, while the price of US Brent oil was at 67.13-66.55 USD/barrel, up 0.58 USD/barrel.
The oil market is worried about US trade tariffs, as the July 9 deadline set by President Donald Trump to reach trade deals with the US approaches, hurting global economic growth, thereby reducing oil demand worldwide.
Oil prices fell to a three-week low on Tuesday, touching levels seen before the recent Israel-Iran conflict, pressured by easing supply concerns and expectations that OPEC+ will increase output.
Attention is now focused on the Organization of the Petroleum Exporting Countries and its allies (OPEC+), which is scheduled to meet later this week, with the group expected to continue to gradually reduce the production cuts it has implemented over the past two years. The truce between the two countries appears to be holding.
World oil prices continue to rise today. (Illustration: Minh Duc)
The market is also worried about the comprehensive US tax cut and spending bill supported by Donald Trump, which will significantly increase the budget deficit and increase economic risks in the world's largest oil importer.
Reuters reported last week that OPEC+ would increase output by 411,000 barrels per day in August, following similar increases in May, June and July.
The increase would bring OPEC+'s total supply increase this year to 1.78 million barrels per day, although that would still be smaller than the total production cuts OPEC+ has made over the past two years.
However, the August output increase could signal more increases from OPEC+, as the alliance moves to partially offset the impact of prolonged weakness in oil prices.
Top OPEC+ producers such as Saudi Arabia and Russia are also looking to punish over-producing countries in the alliance by keeping oil prices low.
Domestic gasoline prices
From 0:00 on July 1, gasoline prices will be reduced by 2% VAT (to 8%). Accordingly, the Ministry of Industry and Trade - Ministry of Finance has adjusted gasoline prices from this point. Specifically, the maximum retail price for gasoline products is applied as follows:
E5 RON92 gasoline decreased by 101 VND/liter compared to the previous period, not higher than 20,530 VND/liter. RON95 gasoline decreased by 128 VND/liter, not higher than 21,116 VND/liter.
Meanwhile, oil prices increased in the opposite direction. Specifically, diesel prices increased by VND193/liter compared to the previous period, not higher than VND19,349/liter. Kerosene prices increased by VND141/liter compared to the previous period, not higher than VND19,064/liter. However, fuel oil prices decreased by VND668/kg, not higher than VND16,955/kg.
Previously, in the operating period on June 26, the prices of all types of gasoline and oil increased, only the price of fuel oil decreased in the opposite direction.
Since the beginning of 2025, domestic gasoline prices have undergone 25 adjustment sessions, including 9 decrease sessions, 11 increase sessions and 5 opposite sessions.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-2-7-tiep-tuc-tang-5051916.html
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