Surveyed at 6:57 a.m. on February 3 (Vietnam time), WTI oil price increased by 1.58 USD/barrel, equivalent to an increase of 2.18%, to 74.11 USD/barrel. Brent oil price decreased by 0.22 USD, equivalent to a decrease of 0.29%, to 75.67 USD/barrel.
Oil prices jumped when markets opened on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising concerns about a trade war and disruptions to crude supplies from the two largest U.S. suppliers, Reuters reported.
On Saturday, Trump ordered sweeping tariffs on goods from Mexico, Canada and China, sparking a trade war that could undermine global growth and stoke inflation.
White House officials said energy products from Canada would only be taxed at 10%, but energy imports from Mexico would be subject to a 25% tariff.
Industry sources said tariffs on the two largest sources of U.S. crude imports would increase the cost of the heavier crude grades that U.S. refiners need to produce optimally, reducing their profits and potentially forcing production cuts.
That would give European and Asian refiners a competitive advantage over their U.S. rivals, analysts and market participants said.
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, petroleum prices may decrease slightly.
Domestic retail prices of gasoline and oil on February 3, 2025 will be applied according to the price at the management session on the afternoon of February 1, 2025 of the Ministry of Finance - Industry and Trade.
Accordingly, E5 RON 92 gasoline decreased by VND201/liter, not higher than VND20,391/liter. RON 95 gasoline price decreased by VND140/liter, not higher than VND21,002/liter.
Prices of all types of oil also decreased simultaneously. Of which, diesel oil decreased by 948 VND/liter, not higher than 19,246 VND/liter; kerosene decreased by 671 VND/liter, up to 19,439 VND/liter and fuel oil price decreased by 250 VND/kg, not higher than 17,502 VND/kg.
