According to a survey at 3:00 p.m. on March 24 (Vietnam time), WTI oil price increased by 0.16 USD/barrel (up 0.23%), to 68.44 USD/barrel. Brent oil price increased by 0.11 USD/barrel (up 0.15%), to 71.72 USD/barrel.
Oil prices increased slightly on Monday as investors considered the impact of new US sanctions on Iranian exports compared to ceasefire negotiations to end the Russia-Ukraine war. This could lead to increased Russian supply to the global market.
IG market strategist Yeap Jun Rong said that market sentiment towards oil prices has improved recently, possibly due to a technical recovery from previous over-selling levels, along with the risk of increased supply from US sanctions on Iranian exports. He also highlighted some optimism that US counterpart tariffs may not be as serious as worries.
Oil shipments from Iran to China are expected to decrease in the coming time due to new US sanctions on a private refinery and tankers, leading to increased transportation costs. However, traders believe that buyers will find alternatives to maintain a certain amount of oil.
The overall supply-demand outlook remains confused, Yeap added. The ceasefire talks between Ukraine and Russia suggest that Russias exports could increase with a final solution, while OPECs increase in production in early April shows that supply will continue to increase.
"Expectations of progress in peace talks between Russia and Ukraine and the possibility of loosening US oil sanctions on Russia have put downward pressure on prices," said Trump Tazawa, an analyst at Fujitomi Securities.
The expert also noted that investors are holding back large positions when assessing OPEC+'s future production trend after April.
OPEC+, which includes oil exporters and allies such as Russia, announced a new schedule on Thursday for seven member states to continue cutting oil production. The cut is to compensate for exploitation exceeding the agreed level, far exceeding the monthly output increase that the group plans to implement next month.
OPEC+ has cut production by 5.85 million barrels per day, equivalent to about 5.7% of global supply, in a series of steps implemented from 2022 to support the market.
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 increase.
In particular, the price of RON 95 - III gasoline is forecast to increase by about 210 VND/liter; E5 gasoline increases by about 200 VND/liter; Diesel increases by about 50 VND/liter.
Domestic retail gasoline prices on March 24, 2025 will be applied according to the adjustment session from 3:00 p.m. on March 20 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on March 20, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND19,695/liter (up VND414/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND 20,087/liter (up VND 438/liter).
Prices of oil products fluctuated in different directions. Of which, diesel 0.05S is priced at VND17,893/liter (down VND5/liter); kerosene has a new price of VND18,118/liter (up VND28/liter); mazut is priced at VND16,955/kg (down VND40/kg).
