Specifically, Brent oil price decreased by 2.73 USD, equivalent to 3%, to 87.38 USD/barrel. US WTI oil prices fell by 2.67 USD, equivalent to 3.1%, to 82.69 USD/barrel.
According to analysts, oil prices continued to decline due to concerns about weakening demand, as negative economic factors put pressure on investor sentiment.
A series of Chinese indicators, including real estate investment, retail sales and industrial output, have reflected weak demand trends due to the prolonged asset crisis.
In addition, increased US commercial oil reserves also affect the world's energy demand. Data from the US Energy Information Administration shows that in the week as of April 12, US crude oil inventories increased by 2.7 million barrels to 460 million barrels.
Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois, said the possibility of increased US crude oil inventories due to reduced imports from Mexico and the addition of oil to US strategic oil reserves is creating some bearish sentiment.
In addition, oil prices were affected after US House of Representatives Speaker Mike Johnson said that aid bills for Ukraine, Israel and the Indo-Pacific region as well as the bill on countermeasures against Russia, China and Iran will be submitted on the same day.
John Kilduff, a partner at again Capital LLC, commented that the market is waiting to sell off due to signs of easing tensions in the Middle East, progress in the above draft laws and Israel has not yet responded to Iran after the Iranian attack.
Domestically, yesterday afternoon, retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade. Accordingly, the price of E5 RON 92 gasoline increased by 378 VND/liter, RON 95-III gasoline 416 VND/liter. While diesel and kerosene prices decreased by 164 VND/liter and 178 VND/liter respectively, mazut prices increased by 198 VND/kg.
In this management period, the inter-Ministry did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel, kerosene, and fuel oil.
Domestic retail prices of petroleum on April 18 are specifically as follows: E5 RON 92 gasoline is not more than VND 24,226/liter; RON 95-III gasoline is not more than VND 25,237/liter; diesel is not more than VND 21,446/liter; kerosene is not more than VND 21,416/liter; mazut is not more than VND 17,206/kg.
