President Trump prepares to impose tariffs on imports from Canada and Mexico, oil prices rise slightly

Oil prices today, January 29, at the end of the trading session on January 28, oil prices increased slightly after the White House reaffirmed US President Donald Trump's plan to impose tariffs on imports from Canada and Mexico this week.

Oil prices today, January 29, oil prices increased slightly after the White House reaffirmed President Trump's plan to impose tariffs on imports from Canada and Mexico. (Source: Oilprice)

Brent crude rose 41 cents, or 0.53 percent, to $77.49 a barrel. WTI crude rose 60 cents, or 0.82 percent, to $73.77 a barrel.

Reuters quoted information from the White House as saying that President Trump still plans to impose 25% tariffs on Canada and Mexico from February 1, while considering imposing new tariffs on China.

Market concerns that tariffs could disrupt the flow of energy products across the US border with Canada and Mexico are growing, according to analyst Phil Flynn at Price Futures Group.

Meanwhile, concerns about disruption to around 450,000 barrels of oil exports per day from Libya as protesters blocked crude loading at the ports of Es Sider and Ras Lanuf have eased after the country's National Oil Corporation confirmed exports were operating normally following talks with protesters.

The market had priced in the risk of disruptions to Libyan oil supplies before it became clear that current flows would not be disrupted, said UBS commodities analyst Giovanni Staunovo. But the risk of new disruptions remains, he said.

Adding pressure to oil prices was a new report showing China's manufacturing activity unexpectedly contracted in the month, raising concerns about demand in the world's largest crude importer.

China's crude oil demand is also expected to be hit by the latest US sanctions on Russia's oil trade.

FGE analysts predict that refineries in Shandong will lose up to 1 million barrels of crude oil per day in the coming period as Shandong Port Group imposes a ban on US-sanctioned tankers.

According to Reuters , some independent refineries in China have stopped operations or plan to stop operations for indefinite maintenance, as China's new tax and tariff policies make these plants increasingly unprofitable.

In the US, weather forecasts show warmer-than-normal temperatures throughout the week, which also weighed on heating fuel demand after natural gas and diesel prices rose sharply in previous sessions.

According to the latest weekly report from the American Petroleum Institute, US crude oil inventories rose by 2.86 million barrels last week. Official data from the US Energy Information Administration will be released today.

The oil market remains volatile and it will take some time before the full impact of US policy on tariffs and sanctions is seen, said Ashley Kelty, an analyst at Panmure Liberum.

Domestic retail prices of gasoline on January 29 are as follows:

E5 RON 92 gasoline is not more than 20,592 VND/liter.

RON 95-III gasoline is not more than 21,142 VND/liter.

Diesel oil not more than 20,194 VND/liter.

Kerosene not more than 20,110 VND/liter.

Fuel oil not exceeding 17,752 VND/kg.

The above domestic retail price of gasoline was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of January 23.

The Domestic Market Department ( Ministry of Industry and Trade ) has just sent a document to the Department of Industry and Trade of provinces and centrally-run cities; key petroleum traders; and petroleum distributors regarding the time of managing petroleum prices during the Lunar New Year holiday of At Ty 2025.

This unit said that Decree 80/2023/ND-CP stipulates the time for managing gasoline prices as follows: The time for managing gasoline prices is implemented every Thursday.

In case the price management period coincides with the Lunar New Year holiday, it will be implemented as follows: If Thursday falls on the last day of the Lunar New Year (29th or 30th of Lunar New Year), the petrol price management will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the petrol price management period will be implemented on the 4th day of Lunar New Year.

In case the price management period coincides with a holiday according to regulations, it will be implemented as follows: If Thursday coincides with the first day of the holiday, the petrol price management period will be implemented on the preceding Wednesday. If Thursday coincides with the remaining holidays, the petrol price management period will be implemented on the first working day after the holiday.

In case the price of petroleum products fluctuates abnormally, affecting socio-economic development and people's lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on the appropriate time to manage petroleum prices.

According to current regulations, Thursday, January 30, 2025 is a Lunar New Year holiday (the 2nd day of the Lunar New Year). Therefore, the management of gasoline prices following the management period on January 23, 2025 will be implemented on Saturday, February 1, 2025 (the 4th day of the Lunar New Year).

Source: https://baoquocte.vn/gasoline-price-to-date-291-president-trump-prepared-to-be-taxed-with-imports-from-canada-and-mexico-gasoline-price-to-increase-nearly-300515.html