According to a survey at 14:31 on April 4 (Vietnam time), WTI oil price decreased by 0.54 USD/barrel (down 0.79%), down to 67.83 USD/barrel. Brent oil prices also decreased by 0.74 USD/barrel (down 1.05%), down to 70.88 USD/barrel.
According to Reuters, oil prices continued to fall on Tuesday after OPEC+ announced that it would increase production as planned in April. At the same time, the market is preparing for the impact of US tariffs on Canada, Mexico and China, as well as Beijing's retaliatory measures against the US.
"The current downward trend in oil prices depends largely on OPEC+'s decision to increase production and US tariff policies," said Darren Lim, commodity strategist at Phillip Nova.
He also emphasized that geopolitical developments surrounding the Russia-Ukraine conflict are a remarkable complex factor.
President Donald Trump has suspended all US military aid to Ukraine after meeting with President Volodymyr Zelenskiy at the Trump Department last week. OPEC and its allies, such as Russia, have finalized a plan to increase production by 138,000 barrels per day in April, marking the group's first increase since 2022.
While the decision is aimed at gradually lifting previous cuts, it also raises concerns about the likelihood of supply exceeding demand, Lim said.
The 25% tax rate Trump will impose on imports from Canada and Mexico will take effect at 12:01 a.m. Eastern time (05:01 a.m. GMT) on Tuesday. Of which, the 10% tax rate on Canadian energy products and the import tax from China will increase from 10% to 20%.
Analysts predict that these tariffs will negatively affect economic activities as well as fuel demand, putting downward pressure on oil prices.
" marketeers are struggling to assess the impact of a series of energy policy announcements from the Trump administration this month. Negative factors, especially US tariffs, are currently prevailing," said BMI's analysis team.
Before the US tariffs took effect, China quickly announced the decision to increase import tariffs on some agricultural and food products from 10% to 15%, while limiting exports and investment from 25 US companies.
Another factor that puts pressure on oil prices is Trump's decision to stop military aid to Ukraine. The market is concerned that the growing gap between the White House and Ukraine could be a sign that the conflict will gradually ease. This could lead to easing sanctions against Russia and reopening a rich oil supply.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may decrease slightly. Of which, gasoline price is forecast to decrease by 400-500 VND/liter; oil price decreases by about 350-450 VND/liter.
Domestic retail prices of gasoline and oil on March 4, 2025 are applied according to the adjustment session from 3:00 p.m. on February 27 of the Ministry of Finance - Ministry of Industry and Trade:
E5 RON 92 gasoline is not more than 20,658 VND/liter.
RON 95-III gasoline is not more than VND 21,112/liter.
Diesel oil is not more than VND 18,957/liter.
Kerosene is not more than VND19,335/liter.
Mazut oil is not more than VND 17,615/kg.
