World oil prices fell sharply this week

In the first trading session of the week on March 4 (Vietnam time), information that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will continue to extend production cuts into the second quarter of 2024 has positively supported oil prices.

Suvro Sarkar, head of energy at DBS Bank, said the possibility of a production cut agreement could keep oil prices above $80 a barrel.

Entering the session on March 5 (Vietnam time), oil prices continued to rise after Houthi forces in Yemen announced that they would continue to target British ships in the Gulf of Aden after the sinking of the Rubymar.

Oil prices recorded a weekly decline despite OPEC+ extending production cuts into the second quarter. Illustration photo: Oil and Gas Group

However, oil prices turned to slide in the session on March 6 (Vietnam time) due to concerns about weakening demand.

China, the world's largest oil importer, has announced an economic growth target of around 5% in 2024, according to Reuters.

While the target is similar to last year's and in line with analysts' expectations, the lack of plans to revive the economy has left investors wary.

US crude oil inventories rose less than expected, causing oil prices to recover in the session on March 7 (Vietnam time). The US Energy Information Administration (EIA) said that in the week ending March 1, US crude oil inventories increased by 1.4 million barrels, much lower than the 2.1 million barrel increase forecast by analysts.

Oil prices continued to rise in the session on March 8 (Vietnam time) because China's import-export growth data exceeded expectations.

China's trade and import growth beat estimates in the first two months of the year, with exports rising more than 7.1% from a year earlier and imports rising 3.5%, Reuters reported, suggesting global trade is sending a positive signal to policymakers as they try to spur economic recovery.

In the last trading session of the week on March 9 (Vietnam time), oil prices turned sharply down after the speech of the Chairman of the US Federal Reserve (Fed) Jerome Powell when he said that the Fed would not have any interest rate cuts in the first half of this year. This made investors worry about slowing economic growth and possibly limiting oil demand.

For the week, Brent oil fell 1.8%, WTI oil fell 2.5%.

The retail prices of domestic gasoline on March 10 are as follows: E5 RON 92 gasoline is not more than VND 22,512/liter; RON 95-III gasoline is not more than VND 23,557/liter; diesel oil is not more than VND 20,471/liter; kerosene is not more than VND 20,609/liter; mazut oil is not more than VND 16,133/kg.

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