According to a survey at 2:13 p.m. on March 9 (Vietnam time), WTI oil price increased by 0.68 USD/barrel (up 1.02%), to 68.06 USD/barrel. Brent oil price increased by 0.9 USD/barrel (up 1. 30%), to 70.36 USD/barrel.
For the week, Brent oil prices fell 3.8%, the biggest weekly decline since the week of November 11. WTI oil prices fell 3.9%, the largest weekly decrease since the week of January 21.
According to Reuters, in a post on Truth Social, President Donald Trump said he was "seriously considering" sanctions on Russian banks and imposing tariffs on Russian products because the country's armed forces continue to attack Ukraine.
In the first trading session of the day, Brent oil price skyrocketed to 71.40 USD, while WTI oil price reached 68.22 USD. This comes after Russian Deputy Prime Minister Alexander Novak said in an interview that the group of OPEC+ producers will continue to increase production in April. However, other measures can be considered, including reducing output.
Phil Flynn - senior analyst at Price Futures Group commented that oil's move towards OPEC+ and the possibility of sanctions against Russia have overshadowed other news. This includes delays by Israel and Hamas in seeking a permanent ceasefire in Gaza.
John Kilduff - a partner of again Capital LLC, said that at the end of Friday's trading session, prices were stable after comments from Chairman of the US Federal Reserve Jerome Powell.
Powell said the Federal Reserve is monitoring how Trump administration's new policies, especially in the commercial sector, affect the economy.
Kilduff said traders are seeing rapid changes in policy implementation, along with developments that could increase geopolitical risks.
It is known that on Thursday, President Donald Trump postponed the imposition of a 25% tax rate on most goods from Canada and Mexico until April 2, while the tax rate on steel and aluminum will still take effect on March 12.
In the US, job growth rose in February, but the unemployment rate also rose to 4.1%. Increasing uncertainty about trade policy and deep cuts to federal spending could erode the resilience of the labor market in the coming months.
For the domestic market, a representative of a petroleum business said that - 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 continue to fall sharply.
In particular, the price of RON 95-III gasoline is forecast to decrease by about 650 - 750 VND/liter; E5 gasoline decreases by about 600 - 700 VND/liter; Diesel oil decreases by about 300 - 400 VND/liter.
Domestic retail gasoline prices on March 9, 2025 are applied according to the adjustment session from 3:00 p.m. on March 6 of the Ministry of Finance - Ministry of Industry and Trade:
E5 RON 92 gasoline is not more than VND19 961/liter.
RON 95-III gasoline is not more than 20,402 VND/liter.
Diesel oil is not more than VND 18,333/liter.
Kerosene is not more than VND 18,573/liter.
Mazut oil is not more than 17,150 VND/kg.
