Second consecutive week of decline

According to an update from Oilprice at 4:30 a.m., WTI crude oil price was trading at $60.08/barrel, down slightly by $0.01. Brent crude oil price also decreased similarly, down to $63.32/barrel.

In the previous trading session, Brent fell 25 cents to $63.08 a barrel, while WTI lost 30 cents to $59.77 a barrel.

Both oil benchmarks are on track to fall 3.8% and 3.5% this week, after losing as much as 11% last week. Notably, Brent prices at one point fell below $60 a barrel – a low not seen since February 2021.

Although some tariffs, except those imposed on China, have been postponed for 90 days, the negative impacts on the market have already taken place, making it difficult for oil prices to recover stably in the short term, according to Ole Hansen, head of commodity strategy at Saxo Bank.

BMI experts also said that the market will continue to be under pressure as investors monitor trade negotiations between the US and China, amid tensions showing no signs of cooling down.

The US Energy Information Administration (EIA) recently lowered its forecast for global economic growth and said that tariffs will continue to put downward pressure on crude oil prices. The EIA also revised down its forecast for US and global oil demand both this year and next.

A Reuters poll predicts that China’s economy, the world’s largest oil importer, will slow in 2025 due to the impact of new US tariffs, while the head of the UN trade agency warned that developing countries could suffer if the tariff war drags on.

According to ANZ Bank, if global growth falls below 3%, oil consumption could fall by at least 1%. This would have a serious impact on the energy market, said senior commodity strategist Daniel Hynes.

Although the US recently imposed additional sanctions on Iran’s oil trading network, including a storage facility in China, investors have been more focused on the tariff developments, causing this information to be largely ignored.

Iran's Foreign Ministry said nuclear talks with the United States in Oman, scheduled for Saturday, would be "given a real chance", suggesting the possibility of dialogue remains open between the two sides at a time when markets are in need of more positive signals.

From 3:00 p.m. on April 10, the Ministry of Finance and the Ministry of Industry and Trade have adjusted domestic retail gasoline prices. Accordingly, this price will continue to be applied on April 12, 2025 with a sharp downward trend for all products.

Specifically, the price of E5 RON 92 gasoline decreased by VND1,491/liter, currently at VND18,882/liter. RON 95 gasoline also recorded a decrease of VND1,712/liter, bringing the retail price down to VND19,207/liter.

In the oil group, diesel 0.05S decreased by VND1,235/liter to VND17,243/liter. Kerosene decreased by VND1,322/liter to VND17,413/liter. Mazut 180CST 3.5S also decreased by VND1,124/kg to VND15,902/kg.

During this adjustment period, the management agency did not allocate or use the Petroleum Price Stabilization Fund for any product. This shows that the current petroleum market is completely adjusted according to world price movements and domestic supply.

Since the beginning of 2025, the domestic petroleum market has had 15 adjustment sessions, in which the number of increasing and decreasing sessions is equal with 6 sessions each, the remaining 3 sessions have opposite adjustments. Recent fluctuations show great influence from tariff factors, geopolitics and global supply and demand.

Source: https://baoquangnam.vn/gia-xang-dau-hom-nay-12-04-2025-tuan-thu-hai-giam-lien-tiep-3152607.html