World oil prices
Oil prices fell about 2% to a two-week low on Thursday as investors braced for OPEC+ output increases and worried that US President Donald Trump's tariffs would hurt the global economy and slow fuel demand.
Brent crude fell $1.61, or 2.4%, to $64.25 a barrel. WTI crude fell $1.63, or 2.6%, to $60.42 a barrel. Both oil benchmarks closed at their lowest levels since April 10.
Mr Trump's heavy tariffs on US imports have pushed the global economy into recession this year, according to a majority of economists polled by Reuters.
China, hit hardest by the tariffs, has responded with its own tariffs on US imports, sparking a trade war between the world’s two top oil consumers. As a result, analysts have sharply downgraded their forecasts for global oil demand and prices.
“Trade between China and the US has slowed to a semi-banned flow,” said Bob Yawger, director of energy futures at Mizuho. “Every day that passes without a deal with any major trading partner brings us one day closer to global demand destruction,” he said.
The U.S. goods trade deficit widened to a record high in March as businesses stepped up efforts to import goods ahead of President Donald Trump’s sweeping tariffs, suggesting trade will be a major drag on economic growth in the first quarter of 2025.
Mr Trump has prepared to soften the blow of auto tariffs through an executive order that combines the credit with exemptions from other taxes on parts and materials, after automakers filed a lawsuit against the administration.
On the supply front, sources said last week that some OPEC+ members will propose accelerating production increases in June for the second consecutive month.
"Another OPEC+ production increase could not come at a worse time as market sentiment is already weak and Kazakhstan has little interest in cutting production," said Saxo Bank analyst Ole Hansen.
According to Reuters, in the first quarter of this year, Kazakhstan, a member of OPEC+, increased oil exports by 7% compared to the same period last year thanks to increased supply through the Caspian pipeline.
Regarding US petroleum inventories, data from the American Petroleum Institute showed that US crude oil inventories increased by 3.76 million barrels in the week ending April 25, much higher than the 390,000 barrel increase forecast by analysts. In contrast, gasoline and distillate inventories continued to decline, with decreases of 3.14 million barrels and 2.52 million barrels, respectively.
Domestic gasoline prices
Domestic retail prices of gasoline on April 30 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 price adjustment session on May 5. 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 No. 83/2014/ND-CP (amended and supplemented by Clause 11, Article 1 of Decree No. 80/2023/ND-CP) on the time for adjusting gasoline prices, in case the price adjustment 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 preceding 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. Therefore, domestic gasoline prices will be adjusted on May 5.
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-30-4-ngap-tran-sac-do-5045676.html
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