In the first trading session of the week on April 17 (Vietnam time), oil prices started to look green thanks to the increase of the oil market last week.
Entering the second session on April 18 (Vietnam time), oil prices fell nearly 2 USD due to the stronger USD, causing investors to worry about the possibility of the US Federal Reserve (Fed) raising interest rates in May, which could reduce hopes for economic recovery.
Reuters said the USD index has risen about 0.6%. The strengthening of the US dollar makes oil more expensive for holders of other currencies.
In the trading session on April 19 (Vietnam time), oil prices moved sideways as optimistic economic data in China compensated for concerns that the possibility of a US interest rate hike could reduce growth in this world's leading oil consuming country.
According to the General Statistics Office of China, the country's GDP growth in the first quarter reached 4.5%, higher than experts' forecast of 4%. With this recovery momentum, the world's second largest economy is expected to be able to achieve the growth target of 5% for the year.
In the trading session on April 20 (Vietnam time), the pressure from the stronger USD continued to push oil prices down. According to Reuters, the US Dollar Index (DXY) has surpassed 102.
Economic recession pressure pushed oil prices down to a 3-week low in the session on April 21 (Vietnam time). Reuters said that the number of Americans filing for new unemployment benefits increased last week. This shows that the labor market is slowing after a year of the US Federal Reserve (Fed) raising interest rates and raising concerns about slowing fuel demand.
In the weekend trading session on April 22 (Vietnam time), oil prices reversed and increased thanks to positive economic data. According to Reuters, the economic recovery of the Eurozone unexpectedly accelerated this month as the service sector dominated, making up for the recession in the manufacturing sector.
Meanwhile, in India, refineries' production activity reached near record highs in March, meeting stable seasonal demand in the world's third-largest oil consumer.
According to experts, tightening supply is likely to push oil prices up in the medium term. In addition, uncertainty about demand, especially in the upcoming summer driving season, will continue to put pressure on oil prices.
Domestic retail prices of petroleum on April 23 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,680/liter; RON 95 gasoline is not more than VND 23,630/liter; diesel is not more than VND 19,390/liter; kerosene is not more than VND 19,480/liter; mazut is not more than VND 15,649/kg.
