World oil prices
At the end of the first trading session of the week (April 28), oil prices fell more than 1%, affected by economic concerns from the US-China trade war that is putting pressure on demand.
Brent crude fell $1.01, or 1.51 percent, to $65.86 a barrel. WTI crude fell 97 cents, or 1.545 percent, to $62.05 a barrel.
Both oil benchmarks gave up small early gains.
PVM Brokerage analyst John Evans said the US-China trade war was dominating investor sentiment, rather than the US-Iran nuclear talks and discord within the OPEC+ alliance.
Gary Cunningham, director of market research at Tradition Energy, said the wait-and-see attitude stems from the negotiations between the US and China. If the negotiations do not go well, it is possible that oil demand from China will decrease.
Markets were hit by mixed signals from US President Donald Trump and China on progress in cooling a trade war that could undermine global growth.
In the latest comments from Washington on April 27, US Treasury Secretary Scott Bessent said he did not know whether the US President had spoken to Chinese President Xi Jinping. Previously, Beijing had also denied any negotiations were taking place.
“A lot of the sentiment in the market is how things are going to play out over the next 24 to 48 hours,” said Phil Flynn, senior analyst at Price Futures Group. “Is the U.S. going to bomb Iran? Is China going to buy more crude?”
Some OPEC+ members are expected to propose the group accelerate its oil output increase for a second straight month when it meets on May 5 to decide on its June output plan.
Sentiment has turned bearish with a stronger move by OPEC+ and doubts about the unity of the alliance, said BNP Paribas analyst Aldo Spanjer.
BNP Paribas expects Brent oil prices to be at $60/barrel by the second quarter of 2025.
Meanwhile, Iranian Foreign Minister Abbas Araqchi said he remained extremely cautious about the success of talks between Iran and the US in Oman that continue this week.
Domestic gasoline prices
Domestic retail prices of gasoline on April 29 are as follows:
E5 RON 92 gasoline is not more than 19,238 VND/liter. RON 95-III gasoline is not more than 19,638 VND/liter. Diesel oil not more than 17,524 VND/liter. Kerosene not more than 17,715 VND/liter. Fuel oil not exceeding 16,524 VND/kg. |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the new price management period. Due to the decrease in world gasoline and oil prices last week, domestic gasoline and oil prices are likely to reverse and decrease. However, prices may continue to increase if world gasoline and oil prices increase in the coming trading sessions.
Normally, domestic gasoline prices are adjusted every Thursday. However, this week, Thursday (May 1) is a holiday, so the price adjustment period will be delayed for a few days.
According to Clause 3, Article 38 of Decree 83/2014/ND-CP (amended and supplemented by Clause 11, Article 1 of Decree 80/2023/ND-CP) on the time for adjusting gasoline prices, in case the price management time coincides with a holiday as prescribed, it will be implemented as follows: If Thursday coincides with the first day of the holiday, the time for adjusting gasoline prices will be implemented on the previous Wednesday. If Thursday coincides with the remaining holidays, the time for adjusting gasoline prices will be implemented on the first working day after the holiday.
In the most recent price adjustment period, the price of E5 RON 92 gasoline increased by VND 740/liter, RON 95-III gasoline increased by VND 782/liter, diesel increased by VND 487/liter, kerosene increased by VND 531/liter and mazut increased by VND 564/kg.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-29-4-bat-ngo-truot-doc-5045585.html
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