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World oil prices rise as Russia's Novak hints at OPEC+ output reversal, but tariff concerns remain.
Gasoline price today March 8, 2025
Recorded on Oilprice at 4:00 a.m. on March 8, 2025 (Vietnam time), WTI oil price was at 67.14 USD/barrel, up 0.78% (equivalent to an increase of 0.52 USD/barrel).
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| WTI oil price on the world market early morning March 8, 2025 (Vietnam time) |
Similarly, Brent oil price was at 70.51 USD/barrel, up 1.47% (equivalent to an increase of 1.02 USD/barrel).
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| Brent oil price on the world market early morning March 8, 2025 (Vietnam time) |
Oil prices continued to rise on Friday, boosted by Russia's deputy prime minister's suggestion that OPEC+ could reverse output increases after April, but were still on track to fall more than 3% for the week on concerns about U.S. tariff policy.
Brent crude futures rose 99 cents, or 1.4%, to $70.45 a barrel at 1415 GMT. U.S. West Texas Intermediate crude futures rose 93 cents, also up 1.4%, to $67.29.
Brent crude jumped to $70.76 in intraday trading and WTI hit $67.68 after Russia's Alexander Novak told reporters that the OPEC+ producer group would continue to raise output in April but could then consider other steps.
"When looking at the global oil balance, OPEC+ must have judged that the ability of the oil market to absorb additional oil without unduly negatively impacting prices was constructive enough... so far, it seems that price action has proven them wrong," said Harry Tchilinguirian at Onyx Capital Group.
Brent crude fell 3.8% for the week, marking its biggest weekly decline since the week of November 11. WTI crude was expected to fall 3.6%, its biggest weekly decline since the week of January 21.
“The caution that Mr. Novak expressed is simply another way of reiterating OPEC+’s conditional clause regarding ‘market conditions’. These conditions will determine whether they comply with the plan to gradually reduce the voluntary cuts,” Tchilinguirian said.
Brent crude oil prices fell to their lowest since December 2021 on Wednesday after U.S. crude inventories rose and OPEC+ announced a decision to increase output quotas.
The market may have overreacted to OPEC+ members increasing output, but Novak made it clear that the additions would only come if they could be absorbed to maintain market balance, said UBS analyst Giovanni Staunovo.
The group said it intends to proceed with its planned production increase in April, adding 138,000 barrels per day to the market.
In other supply news, comments from Treasury Secretary Scott Bessent suggest the US goal is to reduce Iranian crude exports to a trickle.
Reuters reported on Thursday that the administration of U.S. President Donald Trump is considering plans to inspect Iranian oil tankers at sea, continuing efforts to reduce Iran's oil exports to zero.
Global markets have been hit hard by the volatile trade policy of the United States, the world's largest oil consumer.
In addition, President Trump suspended the 25% tariffs he imposed on most goods from Canada and Mexico until April 2, although tariffs on steel and aluminum are still set to take effect on March 12.
Rystad Energy's Mukesh Sahdev said in a note on Thursday that while the tariff delay provided some support, the market is still walking a tightrope between policy uncertainty and concerns about oversupply.
In the United States, job growth picked up in February and the unemployment rate rose to 4.1%, but growing uncertainty over trade policy and deep federal spending cuts could erode the labor market's resilience in the coming months.
Domestic retail gasoline prices on March 8, 2025 will be applied according to the adjustment session from 3:00 p.m. on March 6 by the Ministry of Finance - Ministry of Industry and Trade.
| Item | Price (VND/liter/kg) | Difference from previous period |
| E5 RON 92 gasoline | 19,961 | -697 |
| RON 95 gasoline | 20,402 | -710 |
| Diesel | 18,333 | -624 |
| Oil | 18,573 | -762 |
| Fuel oil | 17,150 | -465 |
Specifically, the price of E5 RON 92 gasoline decreased by 697 VND/liter, down to 19,961 VND/liter; RON 95 gasoline decreased by 710 VND/liter, down to 20,402 VND/liter.
The price of 0.05S diesel oil decreased by 624 VND/liter, down to 18,333 VND/liter; kerosene oil decreased by 762 VND/liter, down to 18,573 VND/liter; the price of 180CST 3.5S mazut oil decreased by 465 VND/kg, down to 17,150 VND/kg.
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| Gasoline prices today March 8, 2025. Photo by Dinh Tuan |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Thus, from the beginning of 2025 until now, domestic gasoline prices have undergone 10 adjustment sessions, including 4 sessions of decrease, 4 sessions of increase and 2 sessions of opposite direction.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-08032025-dao-chieu-tang-nhe-377303.html
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