According to a survey at 10:05 on February 13 (Vietnam time), WTI oil price decreased by 0.66 USD/barrel (down 0.92%), to 70.71 USD/barrel. Brent oil price also decreased by 0.69 USD/barrel (down 0.92%), to 74.49 USD/barrel.
Oil prices fell on Thursday as expectations of a potential peace deal between Ukraine and Russia that could lead to an end to sanctions that have disrupted supplies, coupled with U.S. President Donald Trump's intention to impose reciprocal tariffs, fueled concerns about rising inflation.
Brent and WTI crude prices fell more than 2% on Wednesday after Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed their desire for peace in separate phone calls with him. Trump also directed senior US officials to begin negotiations to end the war in Ukraine.
Russia is the world's third-largest oil producer, and sanctions on its crude exports over its invasion of Ukraine nearly three years ago have helped support higher oil prices.
Oil prices fell following news of potential peace talks, on “optimism that risks to crude supply will ease,” analysts at ANZ said in a note on Thursday.
ANZ research also pointed out that US and EU sanctions have caused a sharp drop in Russian output.
"Signs of tightening supply have pushed oil prices higher in recent weeks. US sanctions on Russian companies and tankers have added to the pressure," ANZ said.
Trump said he would impose retaliatory tariffs on any country that taxes US imports, a move that risks escalating global trade tensions and pushing US inflation higher.
A rise in crude oil inventories in the United States, the world's largest crude oil consumer, also weighed on the market. Data from the Energy Information Administration (EIA) showed on Wednesday that U.S. crude oil inventories rose more than expected last week.
The EIA reported that crude oil inventories rose by 4.1 million barrels to 427.9 million barrels in the week ended February 7, compared with analysts' expectations in a Reuters poll for an increase of only 3 million barrels.
Regarding domestic gasoline prices, experts predict that the retail price of E5 RON 92 gasoline may decrease by 0.7% to VND20,307/liter, while RON 95-III gasoline may decrease by 0.8% to VND20,763/liter.
Retail oil prices this period also tend to decrease, in which diesel may decrease 1.5% to 18,770 VND/liter, kerosene may decrease 1.2% to 19,181 VND/liter, and fuel oil may decrease 1.3% to 17,584 VND/kg.
In the 6.2 adjustment period, the price of E5 RON 92 gasoline increased by 51 VND/liter to 20,442 VND/liter, while RON 95-III gasoline decreased by 74 VND/liter to 20,928 VND/liter.
Prices of petroleum products also decreased simultaneously. Of which, diesel 0.05S is priced at 19,054 VND/liter (down 192 VND/liter); kerosene has a new price of 19,414 VND/liter (down 25 VND/liter); mazut is priced at 17,354 VND/kg (down 148 VND/kg).
