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Oil prices rose less than 1% as the dollar weakened, although gains were limited by growing concerns about a US economic slowdown and the impact of tariffs on global economic growth.
Gasoline price today March 12, 2025
Recorded on Oilprice at 4:00 a.m. on March 12, 2025 (Vietnam time), WTI oil price was at 66.74 USD/barrel, up 1.09% (equivalent to an increase of 0.72 USD/barrel).
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| WTI oil price on the world market in the early morning of March 12, 2025 (Vietnam time) |
Similarly, Brent oil price was at 70.06 USD/barrel, up 1.13% (equivalent to an increase of 0.78 USD/barrel).
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| Brent oil price on the world market early morning March 12, 2025 (Vietnam time) |
Brent crude futures rose 56 cents, or 0.8%, to $69.84 a barrel at 10:43 a.m. ET (1423 GMT) after falling as low as $68.63 in early trading. U.S. West Texas Intermediate crude futures rose 53 cents, or 0.8%, to $66.56 a barrel after earlier declines.
Both benchmarks fell 1.5% in the previous session.
The dollar index (.DXY), open new tab hit a four-month low, making oil cheaper for overseas buyers.
However, oil prices pared some gains after U.S. President Donald Trump said he had instructed his commerce secretary to impose an additional 25% tariff on all steel and aluminum imports from Canada, bringing the total tariff on those products to 50%.
“Developments like this are adding to the volatility here,” said Phil Flynn, senior analyst at Price Futures Group.
Trump's protectionist policies have roiled global markets, imposing and delaying tariffs on major oil suppliers Canada and Mexico and raising tariffs on China, prompting retaliatory measures.
Over the weekend, Trump said a transition period was likely and refused to rule out the possibility of a recession in the United States.
Stocks, which typically follow crude oil prices, extended losses after plunging on Monday with the S&P 500 (.SPX) posting its biggest one-day drop since Dec. 18 and the Nasdaq sliding 4.0%, its biggest one-day percentage drop since September 2022.
Investors are looking ahead to U.S. inflation data due Wednesday for clues on the path of interest rates. Meanwhile, investors are closely watching OPEC+ plans after the producer group announced plans to increase output in April.
PVM analyst Tamas Varga said the US tariff reduction would ease concerns about inflation and recession, but the recent drop in oil prices meant it was "hard to see OPEC+ going ahead with its plan and putting oil back on the market from April".
Russian Deputy Prime Minister Alexander Novak told reporters on Friday that the OPEC+ producer group would continue to increase output in April but could then consider other steps, including reducing output.
Brent crude oil prices are finding strong technical support at around $70 a barrel and are likely to recover, said Suvro Sarkar, head of energy at DBS Bank, adding that OPEC+ supply response will be flexible, depending on market conditions.
"If oil prices fall below $70 a barrel for an extended period, we think production increases will likely be paused. OPEC+ will also be closely monitoring Trump's policies on Iran and Venezuela," he said.
In the United States, crude oil inventories are expected to have risen last week, while distillate and gasoline inventories likely fell, according to a preliminary Reuters poll on Monday.
The poll is being conducted ahead of reports from the American Petroleum Institute at 4:30 p.m. ET Tuesday and the Energy Information Administration at 10:30 a.m. ET Wednesday.
Domestic retail gasoline prices on March 12, 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 12, 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-12032025-sap-giam-manh-377814.html
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