Specifically, Brent oil decreased by 9.5 USD to 103.8 USD/barrel. At the same time, WTI oil prices also decreased by 9.2 USD to 99.2 USD/barrel. Both oil products recorded their largest percentage reduction since March 9. WTI alone is the first time it has fallen below the $100 mark since May 11.
The only way to explain this sharp decline in oil prices is the fear of an economic recession as central banks in some major economies tighten monetary policy to control inflation, said Robert Yawger, director of energy futures at Mizuho.
Citigroup has even warned that oil prices could fall below $70 a barrel, according to Bloomberg.
Another factor that also puts pressure on oil prices is the widespread COVID-19 testing in Shanghai (China) over the past 3 days, which has raised concerns about the possibility of a new freeze with the risk of oil consumption demand falling further in this East Asian country.
In addition, experts point out that the 1.3% increase in the USD is also a factor affecting oil prices.
In addition, Kissler said, concerns that demand for the US summer driving season will decrease after the July 4 holiday are also a factor weighing on the market.
Domestic retail prices of petroleum on July 6 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.
