Specifically, Brent oil prices increased by 0.15%, to 85.23 USD/barrel. US WTI oil prices increased by 0.11%, to 80.7 USD/barrel.
Oil prices fell today as Russia and OPEC+ both cut production.
According to data from the Russian Energy Ministry, the country pumped an average of 1.285 million tons of crude oil per day in March 2023, equivalent to 9.4 million barrels per day. Thus, compared to the output of 10.1 million barrels of oil pumped per day in February 2023, the output has decreased by 700,000 barrels.
The International Energy Agency (IEA) also said that Russia's oil exports in February 2023 were 11.6 billion USD, down 2.7 billion USD compared to January 2023. According to the Russian Finance Ministry, Russia's revenue from oil sales is only 45% compared to the same period in February 2022.
Previously, on April 2, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, voluntarily agreed to cut production from May to 1.6 million barrels per day, with the goal of stabilizing the global market.
This surprise decision has sent oil prices soaring, and some experts predict oil prices could return to the $100/barrel threshold.
There are currently many predictions that Brent oil prices may continue to increase in the second half of the year. Goldman Sachs raised its Brent crude oil forecast to $95 a barrel by the end of this year.
In addition, slowing US job growth is also a factor pushing up oil prices.
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.
Domestically, tomorrow afternoon, April 11, retail prices of gasoline and oil will be adjusted according to the price management cycle of the Ministry of Finance - Industry and Trade. According to forecasters, gasoline prices predict that gasoline prices may increase by more than 1,000 VND/liter (kg), excluding price stabilization funds and adjustments to other fees.
Domestic retail prices of petroleum on April 10 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.
