According to a survey at 2:50 p.m. on April 21 (Vietnam time), WTI oil price decreased by 1.08 USD/barrel (down 1.69%), down to 62.93 USD/barrel. Brent oil price decreased by 0.95 USD/barrel (down 1.4%), down to 67.01 USD/barrel.
"The general trend is still down," said IG market strategist Yeap Jun Rong. The reason is that investors may have difficulty finding confidence in the improving supply-demand outlook. Especially in the context of being affected by tariffs on global growth and increased supply from OPEC+".
OPEC+, a group of major producers including the Organization of the Petroleum Exporting Countries and allies such as Russia, is still expected to increase production by 411,000 barrels/day starting in May. Although part of that increase could be offset by cuts from countries that have exceeded their quotas.
Prices also fell as some concerns about supply eased following signs of progress in US-Iran nuclear talks on Saturday.
Investors are watching some data released in the US this week, including preliminary manufacturing and services PMI for April, to orient the economy.
IGs Yeap said: This weeks PMI series could further highlight the economic impact of tariffs, as both production and service conditions across major economies are expected to ease, said IGs Yeap. Accordingly, oil prices will face resistance level of $70".
For the domestic market, representing a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to this development, it is forecasted that in the next price management period, retail prices of gasoline may increase sharply.
In particular, RON 95 gasoline price may increase by about 600-800 VND/liter; E5 gasoline may increase by about 500-700 VND/liter; Diesel oil increases by about 400-600 VND/liter.
Domestic retail gasoline prices on April 21, 2025 will be applied according to the adjustment session from 3:00 p.m. on April 17 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 17, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND18,498/liter (down VND384/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND18,856/liter (down VND351/liter).
Prices of oil products increased and decreased in opposite directions. Of which, diesel 0.05S is priced at VND17,037/liter (down VND206/liter); kerosene has a new price of VND17,184/liter (down VND229/liter); mazut is priced at VND15,960/kg (up VND58/kg).
