This week, Brent oil prices ended the week at 84.67 USD/barrel and US WTI oil prices at 80.7 USD/barrel.
The factor that hoages the increase in "black gold" next week is the US labor market report.
According to Reuters, US job growth is slowing, but the world's leading economy still created 236,000 more jobs in March and achieved an average job increase of 345,000/month in the first quarter.
According to the report, the unemployment rate in March fell to 3.5% from 3.6% in February even as the labor force increased by about half a million people and the labor participation rate increased slightly. Average hourly earnings also increased by 0.3%.
With a low unemployment rate and rising wages, the US Federal Reserve (Fed) may continue to raise interest rates by another 25 points at its meeting early next month due to the "heating up" financial crisis while concerns about inflation remain high.
According to Ms. Kathy Bostjancic, chief economist at Nationwide, the Fed will be satisfied with this data and the Fed will likely raise interest rates in May. This could be the Fed's last rate hike before taking a long-term hold.
During the week, both types of oil increased by more than 6% when the Organization of the Petroleum Exporting Countries (OPEC +) surprised the market with a commitment to cut production.
However, according to Stephen Brennock of PVM, the potential for price increases is still in the context of tight supply.
Domestic retail prices of petroleum on April 8 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.
