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World oil prices recover from multi-year lows but Brent remains below $70.
Gasoline price today March 7, 2025
Recorded on Oilprice at 4:00 a.m. on March 7, 2025 (Vietnam time), WTI oil price was at 66.13 USD/barrel, down 0.32% (equivalent to a decrease of 0.21 USD/barrel).
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| WTI oil price on the world market early morning March 7, 2025 (Vietnam time) |
Similarly, Brent oil price was at 69.17 USD/barrel, down 0.04% (equivalent to a decrease of 0.03 USD/barrel).
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| Brent oil price on the world market early morning March 7, 2025 (Vietnam time) |
Oil prices edged up, recovering slightly from multi-year lows, although Brent crude remained below $70 under pressure from trade tariffs between the United States, Canada, Mexico and China and OPEC+ plans to boost output.
Those factors, along with a higher-than-expected build in U.S. crude inventories, sent Brent crude prices down to $68.33 on Wednesday, their lowest since December 2021.
Brent crude futures rose 28 cents, or 0.4%, to $69.58 a barrel, while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.5%, to $66.67.
“It looks like the US president wants lower oil prices,” said John Evans at oil broker PVM, adding that questions remain over whether crude is oversold.
Prices fell after the United States imposed tariffs on Canadian and Mexican goods, including energy imports, at the same time as major producers decided to increase output quotas for the first time since 2022.
Oil prices recovered and stabilized somewhat after the United States announced it would exempt automakers from a 25% tariff.
U.S. President Donald Trump could remove a 10% tariff on energy imports from Canada, such as crude oil and gasoline, in line with existing trade agreements, a source familiar with the discussions said.
“Trump’s trade measures are threatening to reduce global energy demand and disrupt trade flows in the global oil market,” ANZ commodities strategist Daniel Hynes said in a note.
The OPEC+ producer group, which includes the Organization of the Petroleum Exporting Countries and allies including Russia, decided on Monday to increase output for the first time since 2022.
An OPEC+ delegate, commenting on the market reaction to Monday's decision, said the price drop appeared to be overdone and hoped the market was now gradually recovering.
Oil prices fell after the news on Monday and were even worse on Wednesday due to a rise in US crude inventories, said ANZ's Hynes.
Crude oil inventories in the United States, the world's largest oil consumer, rose more than expected last week due to seasonal refinery maintenance, while gasoline and distillate stocks fell due to increased exports, the Energy Information Administration said.
There are further signs of weakening U.S. oil demand, with U.S. waterborne crude imports falling to a four-year low in February as Canadian crude shipments to the East Coast fell, ship-tracking data showed. Demand was hit by refinery maintenance, including extended maintenance at the region’s largest plant.
Tariffs also remain in effect on crude oil imported into the United States from Mexico, a smaller supply than crude from Canada but vital to U.S. refineries on the Gulf Coast.
The rate of layoffs announced by U.S. employers has surged to levels not seen since the last two recessions amid massive federal government job cuts, contract cancellations and trade war concerns, global employment services firm Challenger, Gray & Christmas said.
Meanwhile, Chinese officials have stressed that more stimulus measures could be on the way if economic growth slows, aimed at supporting consumption and cushioning the impact of the escalating trade war with the United States.
Domestic retail gasoline prices on March 7, 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 7, 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-07032025-phuc-hoi-tu-muc-thap-nhat-377135.html
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