The upward trend slowed down, oil prices fell below $85/barrel

Specifically, Brent oil price decreased by 1.17 USD to 84.06 USD/barrel. While US WTI oil prices also fell by 0.96 USD to 79.74 USD/barrel.

Oil prices today plummeted as the US dollar increased after US employment data showed a tight labor market. The strengthening of the US dollar makes oil more expensive for holders of other currencies and can consider it according to demand.

In addition, Jim Ritterbusch - Chairman of Ritterbusch and Associates in Galena, Illinois - commented that transactions this week will be heavily affected by inflation data reflected in the CPI and PPI producer price index released.

Meanwhile, many economists predict that the Fed will continue to raise interest rates by 0.25 basis points at its meeting early next month. This week's CPI and PPI data will have a significant impact on the Fed's decision to continue raising or stopping raising interest rates.

Last week, oil prices increased by more than 6% after OPEC+ shocked the market with a new production cut starting this May. With the voluntary output cut, the group's total output will be cut to 3.66 million barrels/day, about 3.7% of global demand.

The cut will last until the end of the year and is being seen by OPEC as a preventive measure to stabilize the oil market. The cut will also prevent fake oil sales or betting on oil prices falling.

Analysis shows that the upward momentum of the oil market may have temporarily stopped, but in the context of tight supply, the potential for price increase still exists.

Both UBS Bank and independent research firm Rystad Energy have now predicted oil prices will increase back to the $100/barrel mark.

In the country, this afternoon, the Ministry of Finance - Industry and Trade will adjust gasoline prices according to the cycle.

Experts predict that gasoline prices may increase by more than 1,000 VND/liter (kg), excluding the price stabilization fund and adjustment of other fees.