According to a survey at 7:20 a.m. on March 18 (Vietnam time), WTI oil prices decreased by 0.1 USD/barrel (down 0.15%), down to 67.27 USD/barrel. Brent oil price increased by 0.04 USD/barrel (up 0.06%), to 71.01 USD/barrel.
Oil prices increased slightly on Monday after the US announced that it would continue attacking Yemen's Houthis forces until the group linked to Iran ended its attacks on transportation activities. Meanwhile, China's economic data raised hopes for higher demand.
Data released officially on Monday showed that China's crude oil exports in January and February increased by 2.1% compared to the same period last year. This increase is thanks to new refineries and tourism activities during the holiday season, but the profit margin for refining is still at a weak level.
Phil Flynn, senior analyst at Price Futures Group, said: "The combination of strong stimulus measures from China and significant attacks by the Houthi rebels is creating a strong driver for oil prices."
The US dollar has fallen against other currencies as investors worry about the economic consequences of President Trump's protectionist trade policy. The weakening of the US dollar makes crude oil cheaper for international buyers, thereby boosting demand.
Although oil prices increased slightly last week, Brent oil prices still decreased by nearly 5% this year due to concerns about the global economic recession. Especially due to increased trade tensions between the US and other countries.
OPEC+'s plan to increase oil production in April is also putting pressure on oil prices. However, the prospect of US-imposed sanctions on Iran has partly compensated for OPEC+'s gradual increase in production.
Ole Hansen, head of commodity strategy at Saxo Bank, added that "Consumption boost plan combined with new risks in China's Red Sea" is supporting the market today.
"The negative impacts on crude oil prices are largely focused on tariffs and peace talks between Russia and Ukraine, which could increase Russia's crude oil exports to global markets," said Dennis Kissler, senior vice president for transactions at BOK Financial.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may have opposite adjustments.
In particular, the price of RON 95 - III gasoline is forecast to increase by about 320 VND/liter; E5 gasoline increases by about 290 VND/liter; Diesel oil decreases by about 60 VND/liter.
Domestic retail gasoline prices on March 18, 2025 will be applied according to the adjustment session from 3:00 p.m. on March 13 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on March 13, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND 19,281/liter (down VND 680/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19,549/liter (down VND753/liter).
Prices of oil products also decreased simultaneously. Of which, diesel 0.05S is priced at VND17,898/liter (down VND435/liter); kerosene has a new price of VND18,090/liter (down VND483/liter); mazut is priced at VND16,995/kg (down VND155/kg).
