Specifically, Brent oil price decreased by 0.4% to 90.1 USD/barrel. Similarly, US WTI crude oil price decreased by 0.3% to 85.79 USD/barrel.
The Israel Defense Forces (IDF) said that 99% of the missiles and drones launched by Iran were intercepted by the IDF and its allies before reaching Israeli territory. Israel's blocking of the Iranian attack has eased concerns about a regional conflict affecting oil shipments through the Middle East.
If the crisis does not escalate to the point of creating supply disruptions, there is a risk of downside prices, said Amrita Sen, founder and research director at Energy Aspects.
According to experts, in case prices increase significantly due to a sharp decrease in supply, OPEC will seek to bring part of the spare capacity of more than 5 million/barrel back to the market because OPEC wants to keep oil prices stable, in order to limit the risk of negative impacts on energy demand.
In addition, according to Bob Yawger - Director of energy futures at Mizuho Bank - US retail sales data increases the possibility that the Fed will maintain high interest rates for a longer period of time, which also affects oil prices.
A report from the US Department of Commerce showed that in March, US retail sales increased by 0.7%; core retail sales increased by 1.1%. February retail sales were also revised up by 0.9% instead of 0.6% as previously reported.
Rising US oil production is also weighing on prices. The US Energy Information Administration said production from major shale oil formations will rise by more than 16,000 barrels per day to 9.86 million barrels per day, the highest level in five months.
The retail price of gasoline in the country on April 16 is as follows: E5 RON 92 gasoline is not more than VND 23,848/liter; RON 95-III gasoline is not more than VND 24,821/liter; diesel oil is not more than VND 21,610/liter; kerosene is not more than VND 21,594/liter; mazut oil is not more than VND 17,008/kg.
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