According to a survey at 9:20 a.m. on April 7 (Vietnam time), WTI oil prices decreased by 1.62 USD/barrel (down 2.61%), down to 60.37 USD/barrel. Brent oil price decreased by 1.83 USD/barrel (down 2.79%), down to 63.75 USD/barrel.
Oil prices fell more than 3% on Monday, as trade tensions escalated between the US and China, raising concerns that an economic downturn could affect crude oil demand.
On Friday, oil prices fell 7% after China announced a tax increase on US goods, raising the risk of an economic recession in the context of the trade war.
Mr. Satoru Yoshida - commodity analyst at Rakuten Securities - said: "The main reason for the decline in oil prices is the concern that tariffs will weaken the global economy".
The expert also noted that OPEC+'s production increase plan has put more pressure on oil prices. Mr. Yoshida predicted that WTI prices could fall to $55 or even $50 if the stock market continues to decline.
Responding to US President Donald Trump's tax measures, China said on Friday that it will impose an additional 34% tax on US goods, affirming investors' concerns about a global trade war that could lead to an economic recession.
Although oil, gas and refined products are exempt from new tariffs, these policies could increase inflation, slow economic growth and aggravate trade disputes, thereby putting pressure on oil prices.
Federal Reserve Chairman Jerome Powell said on Friday that President Trump's new tariffs will be "greater than expected" and that economic consequences such as higher inflation and slowing growth will be similar.
In the domestic market, a petroleum business believes that domestic petroleum prices will fluctuate according to the world petroleum situation. According to current developments, it is forecasted that in the next price management period, retail prices of gasoline may decrease.
In particular, RON 95 gasoline price may decrease by about 1,000-1,400 VND/liter; E5 gasoline may decrease by about 900-1,200 VND/liter; Diesel oil decrease by about 700-1,000 VND/liter.
Domestic retail gasoline prices on April 7, 2025 will be applied according to the adjustment session from 3:00 p.m. on January 3 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 3, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND 20,373/liter (up VND 341/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND 20,919/liter (up VND 495/liter).
Prices of oil products have also increased simultaneously. Of which, diesel 0.05S is priced at VND18,478/liter (up VND261/liter); kerosene has a new price of VND18,735/liter (up VND11/liter); mazut is priced at VND17,026/kg (up VND124/kg).
