Oil prices today, February 5, ended the trading session on February 4 in a mixed position amid tariff tensions between Washington and Beijing, especially after US President Donald Trump resumed the "maximum pressure" campaign on Iran with the aim of reducing Iran's oil exports to zero.
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| Oil prices today, February 5, ended the trading session on February 4 in mixed positions amid tariff tensions between Washington and Beijing. (Source: CNBC) |
WTI crude fell 46 cents, or 0.63%, to $72.70 a barrel. Brent crude rose 24 cents, or 0.32%, to $76.20 a barrel.
Oil prices were under pressure early in the session as a new 10% US tariff on imports from China took effect on February 4, prompting Beijing to impose retaliatory tariffs. Notably, WTI crude oil prices fell more than 3% at one point during the session to their lowest level since late December 2024.
According to Reuters , Mr. Trump signed a presidential memorandum ahead of a meeting with Israeli Prime Minister Benjamin Netanyahu, ordering the US Treasury Secretary to apply “maximum economic pressure” on Iran, including sanctions and enforcement mechanisms.
Iran, the third largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), pumps about 3.3 million barrels of oil per day, or about 3% of global output.
The reason oil prices fell near the low end of their trading range was due to China's retaliation, and oil prices rose again because of "maximum pressure" on Iran, said analyst Phil Flynn at Price Futures Group.
On February 3, the US President agreed to suspend high tariffs on Mexico and Canada for a month in exchange for concessions on border enforcement and crime.
Ongoing trade tensions between the US and China could reduce demand for oil, putting further pressure on oil prices.
China’s retaliation could go beyond a 10% tariff on US crude oil, but could also be a deliberate attempt to weaken the yuan if the US retaliates by imposing additional tariffs on Chinese exports to the country, said Kelvin Wong, senior market analyst at OANDA.
Such actions are likely to strengthen the US dollar, which in turn will weaken oil prices, as members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are still on track to gradually increase oil supply from April, according to analyst Wong.
Customs data shows that China's crude oil imports from the US in 2024 will account for 1.7% of the country's total crude oil imports.
Regarding US oil inventories, the Petroleum Institute said that in the week ending January 24, oil inventories increased by 5.025 million barrels, while gasoline inventories also increased sharply to 5.426 million barrels.
Domestic retail prices of gasoline on February 5 are as follows:
E5 RON 92 gasoline is not more than 20,391 VND/liter. RON 95-III gasoline is not more than 21,002 VND/liter. Diesel oil not more than 19,246 VND/liter. Kerosene not more than 19,439 VND/liter. Fuel oil not exceeding 17,502 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of February 1. Because the world gasoline and oil prices decreased last week and in recent days have decreased more than increased, domestic gasoline and oil prices have decreased simultaneously. The price of E5 RON 92 gasoline decreased by 201 VND/liter, RON 95-III gasoline decreased by 140 VND/liter, diesel oil decreased by 948 VND/liter, kerosene decreased by 671 VND/liter, and fuel oil decreased by 250 VND/kg.
In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-52-cang-thang-thue-quan-phu-bong-thi-truong-the-gioi-303198.html
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