Brent oil remains stable; domestic prices increase simultaneously

Gasoline prices today, March 28, at 5:35 a.m. on March 28 (Vietnam time), WTI oil prices decreased slightly by 4 cents; Brent oil prices "stayed still". Domestic gasoline prices were adjusted to increase simultaneously.

Gasoline prices today, March 28, WTI oil slightly decreased, Brent oil 'stayed still'. Domestic gasoline prices were adjusted to increase simultaneously. (Source: Getty)

Oil prices ended the trading session on March 27 slightly higher as traders assessed the tightening crude supply situation, new US tariffs and their expected impact on the world economy.

Brent crude rose 24 cents, or 0.3%, to $74.03 a barrel. WTI crude rose 27 cents, or 0.39%, to $69.92 a barrel.

In the trading session on March 26, oil prices "pocketed" approximately 1%, reaching the highest level since February.

Market participants are weighing the risks of an escalation in the trade war, Reuters reported. US President Donald Trump announced plans to impose a 25% tariff on imported cars and light trucks, effective next week. A 25% tariff on auto parts will start on May 3.

The biggest headwind for oil right now is tariff concerns because tariffs could slow demand, said senior analyst Phil Flynn of Price Futures Group.

On March 25, Mr. Trump imposed a new 25% tax on potential buyers of Venezuelan crude oil.

Reuters quoted several sources as saying that India's Reliance Industries, which operates the world's largest oil refining complex, will stop importing oil from Venezuela.

Venezuela’s export discounts could be as high as 35%, according to Barclays analysts. Venezuela could shut down up to 400,000 barrels per day of production, or more than half of its exports, due to commercialization difficulties.

Suvro Sarkar, head of energy at DBS Bank Asia, said the bank does not expect oil prices to return to their highs at the start of the year as uncertainty over US policy and the prospect of a tariff war are weighing on demand.

Oil prices were also supported by data showing that US gasoline, crude and distillate inventories all fell by 1.4 million barrels, 3.3 million barrels and 400,000 barrels, respectively.

Also weighing on oil prices was data from the U.S. Department of Labor on the number of Americans filing new unemployment claims. Initial state unemployment claims fell by 1,000 to a seasonally adjusted 224,000 in the week ended March 22, below analysts’ forecasts for a decline of 225,000. The unemployment rate, meanwhile, appears to have held steady this month.

Domestic retail prices of gasoline on March 28 are as follows:

E5 RON 92 gasoline is not more than 20,032 VND/liter.

RON 95-III gasoline is not more than 20,424 VND/liter.

Diesel oil not more than 18,217 VND/liter.

Kerosene not more than 18,524 VND/liter.

Fuel oil not exceeding 16,902 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price adjustment session on the afternoon of March 27. Due to the increase in world gasoline and oil prices last week and in recent trading sessions, domestic gasoline and oil prices also increased simultaneously. The price of E5 RON 92 gasoline increased by 337 VND/liter, RON 95-III gasoline increased by 337 VND/liter, kerosene increased by 406 VND/liter, diesel increased by 324 VND/liter. Only fuel oil decreased by 53 VND/kg.

In this management period, the joint ministries continue not to 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-283-dau-brent-dung-yen-trong-nuoc-dong-loat-tang-309120.html