Specifically, both types of crude oil decreased by about 0.3%. Of which, US WTI oil is trading at 106.4 USD/barrel, Brent oil is at 110.6 USD/barrel.
Previously, on July 3, Fumio Kishida - Prime Minister of Japan said that the price cap that the G7 plans to impose on Russian crude oil is equivalent to 50% of the current purchase price.
According to Vivek Dhar, an analyst at Commonwealth Bank of Australia, the move will exacerbate the shortage in the global oil and refined products market.
In addition, oil prices today plummeted due to inflation in many countries continuously climbing. This creates great pressure on people's consumption capabilities, causing the market to worry about reduced consumption demand.
However, the decline of "black gold" has been curbed by a weakening USD and the world's two leading oil producers, Saudi Arabia and the United Arab Emirates (UAE), although they have operated at full capacity, still unable to meet demand.
In addition, the Norwegian Oil and Gas Association predicted that the planned strike to increase workers' wages tomorrow, July 5, will reduce the country's gas production by about 13%. Meanwhile, about 130,000 barrels/day of oil - equivalent to about 6.5% of oil output - will also decline.
In addition, the unrest that occurred in Ecuador and Libya, which tightened oil supplies, also helped oil prices on July 4 not fall sharply.
Domestic retail prices of petroleum on July 4 are specifically as follows: E5 RON 92 gasoline is not more than VND 30,891/liter; RON 95 gasoline is not more than VND 32,763/liter; diesel is not more than VND 29,615/liter; kerosene is not more than VND 28,353/liter and mazut is not more than VND 19,722/kg.
