World oil prices suddenly turned down, affected by the heated argument between the US President and his Ukrainian counterpart.
World oil prices
Oil prices unexpectedly plunged at the end of the last trading session of the week (February 28) as the market focused on the heated debate between the US President and his Ukrainian counterpart in the Oval Office, while preparing for Washington's new tariffs and awaiting Iraq's decision on resuming oil exports from the Kurdish region.
Brent crude fell 86 cents, or 1.16 percent, to $73.18 a barrel. WTI crude fell 59 cents, or 0.84 percent, to $69.76 a barrel.
WTI oil prices rose sharply in the late session until a direct argument between US President Donald Trump and Ukrainian President Volodymyr Zelensky over a ceasefire in the Russia-Ukraine conflict. During the argument, Mr. Trump threatened to withdraw support for Ukraine and Mr. Zelensky left the White House without signing an agreement to jointly develop mineral resources between the two countries.
This means Russia will be in a favorable position and able to bring more oil to market, said John Kilduff, partner at Again Capital LLC.
Economists at Fitch's BMI Research are also struggling to assess the impact of all the energy-related policy announcements made by the Trump administration in February.
On February 27, Mr. Trump said the 25% tariff he proposed on Mexican and Canadian goods would take effect on March 4, along with an additional 10% tariff on imports from China.
Traders are reducing risk amid heightened volatility as Mr Trump escalates his tariff war, particularly on China, which has significantly raised concerns about global demand, according to Ole Hansen, head of commodity strategy at Saxo Bank.
A tariff war could slow global growth, trigger inflation and reduce demand for crude.
Meanwhile, according to a statement from the Iraqi Oil Ministry, Baghdad is preparing to announce the resumption of oil exports from the semi-autonomous Kurdish region via the Iraq-Türkiye pipeline.
Iraq will export 185,000 barrels per day through the state-owned oil marketing company SOMO and this will gradually increase, the ministry said. However, eight international oil companies operating in the region said they would not resume exports on February 28, citing a lack of clarity on commercial agreements and payment guarantees for past and future exports.
The resumption of exports raises questions about how Iraq will comply with its obligations under the Organization of the Petroleum Exporting Countries and its allies (OPEC+), where it regularly produces above its quota, said Harry Tchilinguirian, head of research at Onyx Capital Group.
If OPEC+ delays returning the 120,000 bpd of voluntary cuts starting in April, the increase in Iraq will exceed that limit, Tchilinguirian noted.
OPEC+ is still debating whether to increase oil production in April as planned or freeze it, as members struggle to predict the global supply picture.
Oil prices are currently trading in a range, but delays will cause prices to spike, said Phil Flynn, senior analyst at Price Futures Group.
Domestic gasoline prices
Domestic retail prices of gasoline on March 1 are as follows:
E5 RON 92 gasoline is not more than 20,658 VND/liter. RON 95-III gasoline is not more than 21,112 VND/liter. Diesel oil not more than 18,957 VND/liter. Kerosene not more than 19,335 VND/liter. Fuel oil not exceeding 17,615 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 February 27.
Due to the decrease in world oil prices last week and in recent trading sessions, domestic oil prices also decreased. E5 RON 92 gasoline price decreased by 197 VND/liter, RON 95-III gasoline decreased by 19 VND/liter, kerosene decreased by 178 VND/liter, diesel decreased by 106 VND/liter. Only fuel oil increased by 19 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-III gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-1-3-quay-dau-giam-5039500.html
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