According to a survey at 10:50 on March 3 (Vietnam time), WTI oil price decreased by 0.95 USD/barrel (down 1.6%), down to 58.29 USD/barrel. Brent oil price decreased by 0.84 USD/barrel (down 1.35%), down to 61.29 USD/barrel.
"The current market is completely dependent on OPEC, and even the tariff war is no longer an important issue," said Scott Shelton, energy expert at United ICAP.
Traders have also been cautious about the possibility of cooling down the trade conflict between China and the US. On Friday, Beijing said it was considering a negotiation proposal from Washington to address the tariff issue raised by President Donald Trump.
"There are some optimistic signs about US-China relations, but the clues are still very vague," said Harry Tchilinguirian, head of research at Onyx Capital Group.
Meanwhile, UBS analyst Giovanni Staunovo said that oil prices on Friday were somewhat controlled by the increase in the US stock market, especially after the US employment data last month showed a higher salary table than expected.
President Trump's threat on Thursday to impose secondary sanctions on Iranian oil buyers also helps ease some of the pressure on oil prices, as it could lead to a tightening of global supply.
StoneX oil analyst Alex Hodes said signs of slowing US oil production could also support oil prices in the long term.
Data from oil and gas service provider Baker Hughes shows that US drilling companies have cut the number of drilling rigs for the first time in three weeks. The number of oil drilling rigs is an early indicator reflecting the future output trend.
For the domestic market, representing 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, retail prices of gasoline may decrease.
Of which, gasoline prices decreased by about 50 - 100 VND/liter; oil prices decreased by about 100 - 300 VND/liter/kg.
According to the Ministry of Industry and Trade, the regulation of gasoline prices will be implemented on Monday, May 5 (ie the first working day after the holiday) because Thursday (May 1) is the International Labor Day holiday (ie the second day off of the holiday on September 30-3).
Domestic retail gasoline prices on May 3, 2025 will be applied according to the adjustment session from 3:00 p.m. on April 24 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 24, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, priced at VND 19,238/liter (up VND 740/liter). RON 95-III gasoline price increased compared to the previous adjustment period, at VND19,638/liter (up VND782/liter).
Prices of oil products increased simultaneously. Of which, diesel 0.05S is priced at VND17,524/liter (up VND487/liter); kerosene has a new price of VND17,71/liter (up VND531/liter); mazut is priced at VND16,524/kg (up VND564/kg).
