Oil prices today, March 5, OPEC+ increased production in April, the US imposed tariffs on imports from Canada, Mexico, China and Beijing's tariff response were factors that pushed oil prices to continue to plummet in the trading session on March 4.
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| Oil prices today, March 5, OPEC+ increases production, US tariff policy on China. Canada and Mexico continue to push oil prices down. (Source: Getty) |
Accordingly, Brent crude oil price decreased by 58 cents, equivalent to 0.8%, to 71.04 USD/barrel. During the session, Brent crude oil price slid to 69.75 USD/barrel, the lowest level since September 2024.
WTI crude fell 11 cents, or 0.2%, to $68.26 a barrel. Notably, during the session, WTI crude touched $66.77 a barrel, its lowest level since November 2024.
According to Reuters, on March 3, OPEC+ decided to increase oil production by 138,000 barrels/day in April, the first increase since 2022.
The move took the market by surprise, said Bjarne Schieldrop, a senior commodity analyst at SEB. The shift in OPEC+ strategy appears to prioritize politics over price, he said, referring to US President Donald Trump’s calls for lower oil prices.
In terms of tariffs, the US has imposed a 25% tariff on imports from Canada and Mexico, a 10% tariff on Canadian energy, and a 20% tariff (up from 10% previously) on imports from China. According to analysts' predictions, the above tariffs will limit economic activity and energy demand, putting pressure on oil prices.
China quickly responded by announcing a 10% - 15% increase in import tariffs on many US agricultural and food products, and export and investment restrictions on 25 Chinese companies.
The above information caused oil prices to slide for most of the trading session. By the end of the session, oil prices narrowed the "loss" range.
The US-Ukraine mineral deal is expected to be signed soon, and the US has suspended all military aid to Ukraine, Reuters reported, following a Reuters report that the White House has asked the State and Treasury departments to draw up a list of sanctions that could be eased for US officials to discuss in talks with Russia.
Lifting sanctions could bring more Russian oil to market.
But according to analysts at Goldman Sachs, Russian oil flows are more constrained by OPEC+ production targets than sanctions. The bank also said higher-than-expected crude supplies and lower demand due to weaker U.S. economic activity, along with increased tariffs, pose downside risks to its oil price forecast.
Meanwhile, data from the American Petroleum Institute showed that US crude inventories fell by 1.455 million barrels in the week ending February 28, nearly five times the 300,000-barrel decline analysts expected. Gasoline inventories also fell by 1.249 million barrels. Distillate inventories rose by 1.136 million barrels.
Domestic retail prices of gasoline on March 5 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://baoquocte.vn/gia-xang-dau-hom-nay-53-tiep-da-lao-doc-306420.html
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