Today's oil price, March 16, although only slightly increased by 22 cents for Brent oil and 14 cents for WTI oil, this week's oil price recorded a week of climbing, cutting off the opportunity to extend the hat-trick of declines.
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| Oil prices today, March 16, this week oil prices recorded a 'climbing' week, cutting off the opportunity to extend the hat-trick of declines. (Source: Reuters) |
This week, the factors of increase and decrease are intertwined, so the increase in oil prices is small, almost flat.
Oil prices slid more than 1% on Monday on concerns that US tariffs on exports from Canada, Mexico and China will slow the global economy and cut energy demand, as OPEC+ increases supply.
The dollar index plunged to a four-month low, making oil cheaper for overseas buyers and helping prices rally on Monday. But gains were pared to a maximum of 28 cents at the close after the U.S. Commerce Secretary was ordered to impose an additional 25 percent tariff on all steel and aluminum imported from Canada, bringing the total tariff on those products to 50 percent.
A sharp drop in U.S. gasoline and distillate inventories amid growing concerns about a U.S. recession and the impact of tariffs on global economic growth helped oil prices extend their gains of more than 2% into a third trading session of the week.
Also in the session, US PCI data in February increased 0.2%, the lowest increase since October 2024, showing that US inflation "cooled down", strengthening the possibility that the US Federal Reserve (Fed) will keep interest rates unchanged at its meeting early next week. However, the Fed still has to monitor the impact of President Donald Trump's strong import tariffs because most items are likely to increase in cost in the coming months.
Macroeconomic concerns, including the risk of a tariff war that could hurt global demand, as well as uncertainty stemming from the US proposal for a ceasefire between Russia and Ukraine, continued to cast a shadow over oil prices, pushing them down more than 1% in the fourth trading session of the week, narrowing the gains of the previous two sessions.
A rebound of approximately 1% in oil prices on the final trading session of the week helped oil prices to recover all the remaining “losses” of the week. Oil prices were supported by the increasingly dim prospects of an end to the conflict in Ukraine and the return of Russian energy to the Western market.
According to Reuters , although voicing support in principle for the US proposal for a ceasefire in Ukraine, Russian President Vladimir Putin stressed that any ceasefire must lead to lasting peace.
Thus, after 2 sessions of decline and 3 sessions of increase, oil prices this week have established an increasing week. Brent oil ended the week at 70.58 USD/barrel, WTI oil closed the week trading at 67.18 USD/barrel.
Domestic retail prices of gasoline on March 16 are as follows:
E5 RON 92 gasoline is not more than 19,281 VND/liter. RON 95-III gasoline is not more than 19,649 VND/liter. Diesel oil not more than 17,898 VND/liter. Kerosene not more than 18,090 VND/liter. Fuel oil not exceeding 16,995 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of March 13. Due to the sharp decrease in world gasoline and oil prices last week, domestic gasoline and oil prices also followed suit, recording the third consecutive decrease. The price of E5 RON 92 gasoline decreased by 680 VND/liter, RON 95-III gasoline decreased by 753 VND/liter, kerosene decreased by 483 VND/liter, diesel oil decreased by 435 VND/liter, and fuel oil decreased by 155 VND/kg.
In this management period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-163-leo-doc-cat-dut-chuoi-hat-trick-giam-307762.html
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