Oil prices today, March 22, ending the last trading session of the week (March 21), oil prices increased slightly. Brent oil prices increased by 16 cents, equivalent to 0.2%, to 72.16 USD/barrel. WTI oil prices increased by 21 cents, equivalent to 0.3%, to 68.28 USD/barrel.
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| Oil prices today, March 22, ending the last trading session of the week (March 21), oil prices increased slightly. Brent oil prices increased by 16 cents, WTI oil prices increased by 21 cents. (Source: Reuters) |
For the week, Brent crude rose 2.1%, while WTI crude rose about 1.6%. This was the largest weekly increase for the two oil benchmarks since the beginning of the year.
The rise in oil prices was supported by new US sanctions on Iran and the latest output plan from OPEC+, which raised expectations of tighter supplies.
Reuters reported that on March 20, the US Treasury Department announced new sanctions related to Iran, targeting for the first time an independent Chinese refinery along with many entities and vessels involved in supplying Iranian crude oil to China.
This could send a message to the market that Chinese companies, Iran's biggest oil buyers, are not immune to US sanctions pressure, said Scott Shelton, energy analyst at TP ICAP.
This is Washington's fourth round of sanctions against Tehran since US President Donald Trump promised "maximum pressure" and pledged to bring Iran's oil exports to zero in February.
Analysts at ANZ Bank expect Iran’s crude oil exports to fall by 1 million barrels per day due to tighter US sanctions. Ship tracking service Kpler estimates Iran’s crude oil exports exceeded 1.8 million barrels per day in February.
Oil prices were also supported by a new OPEC+ plan that would allow seven members to make additional cuts to offset higher production than agreed. The plan would include monthly cuts of 189,000 barrels per day to 435,000 barrels per day until June next year.
The plan is likely to limit OPEC+ production growth in the coming months, said UBS analyst Giovanni Staunovo.
Earlier, OPEC+ confirmed that the eight members of the bloc will increase monthly production by 138,000 barrels per day from April, narrowing the agreed production cut of 5.85 million barrels per day from 2022 to support the market.
Oil market participants will want more evidence that Iraq, Kazakhstan and Russia are complying with the cuts, according to StoneX oil analyst Alex Hodes.
Kazakhstan’s oil output hit a record high in March as it expanded its oil fields, far exceeding its OPEC+ production quota, industry sources said. From March 1 to 16, Kazakhstan produced an average of 1.86 million barrels of crude per day, exceeding its OPEC+ quota by nearly 400,000 barrels per day.
Domestic retail prices of gasoline on March 22 are as follows:
E5 RON 92 gasoline is not more than 19,695 VND/liter. RON 95-III gasoline is not more than VND 20,087/liter. Diesel oil not more than 17,893 VND/liter. Kerosene not more than 18,118 VND/liter. Fuel oil not exceeding 16,955 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 March 20.
Because world oil prices fluctuate up and down depending on each product, domestic oil prices also increase and decrease depending on the product. E5 RON 92 gasoline price increased by 414 VND/liter, RON 95-III gasoline increased by 438 VND/liter, kerosene increased by 28 VND/liter, diesel decreased by 5 VND/liter, and fuel oil decreased by 40 VND/kg.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-223-tang-nhe-308474.html
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