Specifically, Brent oil price is traded at 84.67 USD/barrel. Meanwhile, US WTI oil prices increased by 0.11%, to 80.7 USD/barrel.
The factor limiting oil's increase today is US labor market data.
Reuters reported that US employment opportunities in February fell to their lowest level in nearly two years. In addition, US manufacturing activity in March fell to its lowest level in nearly 3 years. That shows the weakening of the world's leading economy.
Meanwhile, data from the US Energy Information Administration (EIA) shows that US crude oil reserves fell 3.7 million barrels last week, while gasoline and distillate reserves also fell further than expected with a decrease of 4.1 million barrels and 3.6 million barrels, respectively.
Worrying about global crude oil balance becomes narrower in the summer months. Robert Yawger - Director of Energy Future Contracts at Mizuho Securities - commented that the demand destruction comes due to the risk of an economic recession greater than OPEC+'s output cuts.
Similarly, Stephen Brennock of PVM oil broker said that the upward momentum of the oil market may have paused, but the potential for price increases is still in the context of tight supply.
In addition, the US dollar index has recovered from its lowest level in the past two months, making crude oil more expensive for holders of other currencies. This reflects investors' risk-off sentiment.
Domestic retail prices of petroleum on April 7 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,082/liter; RON 95 gasoline is not more than VND 23,125/liter; diesel is not more than VND 19,430/liter; kerosene is not more than VND 19,037/liter; mazut is not more than VND 14,429/kg.
