Tariffs cast shadow over global oil market

Oil prices today, March 30, this week recorded a hat-trick of weekly increases with Brent oil increasing 1.9% to 73.63 USD/barrel, WTI oil "pocketing" 1.6% to 69.36 USD/barrel.

Oil prices today, March 30, this week recorded a hat-trick of weekly increases with Brent oil increasing 1.9% to 73.63 USD/barrel, WTI oil 'pocketing' 1.6% to 69.36 USD/barrel. (Source: Oilprice)

Oil prices jumped more than 1% in the first trading session of the week, supported by US President Donald Trump’s announcement that he would impose a 25% tax on countries buying oil and gas from Venezuela. Limiting oil prices’ gains during the session was the decision to extend oil producer Chevron’s deadline to reduce its oil operations and exports from Venezuela to May 27 instead of 30 days from March 4.

Oil prices were mixed on Monday, with Brent up 2 cents and WTI down 1 cent. The gains and losses were due to a maritime and energy truce between Russia and Ukraine that offset concerns about tighter global supplies after the US threatened to impose tariffs on countries that buy Venezuelan products.

Falling US oil and gasoline inventories and growing concerns about tightening global supplies continued to support oil prices, which rose nearly 1% in the third trading session.

According to the US Energy Information Administration (EIA), US crude oil inventories fell by 3.3 million barrels in the week ending March 21, while gasoline inventories fell by 1.4 million barrels. During the session, oil prices were restrained by the prospect of more Russian oil returning to the market after the news that the US had reached an agreement with both Ukraine and Russia to halt attacks at sea and on energy targets, and Washington agreed to push for the lifting of some sanctions on Moscow.

Oil prices extended gains into the fourth trading session of the week as traders assessed tightening crude supplies, new U.S. tariffs and the expected impact of tariffs on the world economy.

News that President Trump plans to announce reciprocal tariffs on a range of imports, effective April 2, sent oil prices down slightly in the final trading session of the week, but the decline was not enough to reverse the week’s gains.

With 3 increasing sessions, 1 mixed session and a decreasing session, oil prices established the 3rd consecutive week of increase.

Since hitting a multi-month low in early March, Brent crude has climbed more than 7% and WTI crude has gained more than 6%, according to Reuters .

Domestic retail prices of gasoline on March 30 are as follows:

E5 RON 92 gasoline is not more than 20,032 VND/liter.

RON 95-III gasoline is not more than 20,424 VND/liter.

Diesel oil not more than 18,217 VND/liter.

Kerosene not more than 18,524 VND/liter.

Fuel oil not exceeding 16,902 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 27. Due to the increase in world gasoline and oil prices last week and in recent trading sessions, domestic gasoline and oil prices also increased simultaneously. The price of E5 RON 92 gasoline increased by 337 VND/liter, RON 95-III gasoline increased by 337 VND/liter, kerosene increased by 406 VND/liter, diesel increased by 324 VND/liter. Only fuel oil decreased by 53 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 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-303-thue-quan-phu-bong-thi-truong-dau-the-gioi-309360.html