According to a survey at 9:55 a.m. on April 17 (Vietnam time), WTI oil price increased by 0.68 USD/barrel (up 1.09%), to 63.15 USD/barrel. Brent oil price increased by 0.43 USD/barrel (up 0.65%), to 66.28 USD/barrel.
World oil prices continued to increase on Thursday due to tighter supply prospects. This comes after Washington imposed additional sanctions to limit Iran's oil trading, along with commitments from some OPEC producers to further cut production to compensate for exploitation beyond agreed levels.
OPEC said on Wednesday it had received updated plans from Iraq, Kazakhstan and several other countries to cut production to compensate for exploitation exceeding quotas.
Michael McCarthy, CEO of online investment platform Moomoo, said a large decline in US gasoline and distillate reserves and a smaller increase in weekly crude oil reserves also boosted the market.
"Most of the recent selling pressure in the global crude oil market is related to concerns about impending US crude oil flooding, but the decline in refining activities shows that a supply shortage may be appearing," said McCarthy.
The World Trade Organization said it expects commodity trade to fall by 0.2% this year, down from its 3.0 growth expectations in October.
According to a representative of a petroleum business, 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 continue to decrease.
In particular, RON 95 gasoline price may decrease by about 350-400 VND/liter; E5 gasoline may decrease by about 400-450 VND/liter; Diesel oil may decrease by about 200-250 VND/liter.
Domestic retail gasoline prices on April 17, 2025 will be applied according to the adjustment session from 3:00 p.m. on April 10 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 10, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND18,882/liter (down VND1,491/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19/207/liter (down VND1,712/liter).
Prices of oil products also decreased simultaneously. Of which, diesel 0.05S is priced at VND17,243/liter (down VND1,235/liter); kerosene has a new price of VND17,413/liter (down VND1,322/liter); mazut is priced at VND15,902/kg (down VND1,124/kg).
