World oil prices today March 29: Continue to increase
Oil prices continued to rise on the world market today (March 29) due to increased demand in China and the banking crisis easing after weeks of tension. Brent crude oil prices exceeded 78 USD/barrel while WTI crude oil prices reached 73 USD/barrel.
Indomestic market,gasoline pricesToday (March 29) is applied according to the price at the operating session on March 21 of the Ministry of Finance - Industry and Trade.
Accordingly, the price of E5 RON 92 gasoline decreased by 780 VND/liter, down to 22,020 VND/liter. The price of RON 95 gasoline decreased by 780 VND/liter, selling price is 23,030 VND/liter. The price of diesel oil decreased by 1,200 VND/liter, selling price is not higher than 19,300 VND/liter. The price of kerosene decreased by 1,250 VND/liter, selling price is 19,640 VND/liter.Retail price of gasoline today:
| Item | Price from March 21 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 23,030 | -780 |
| Gasoline E5 RON 92-II | 22,020 | -780 |
| Diesel | 19,300 | -1,200 |
| Oil | 19,640 | -1.250 |
Aboveworld market, gasoline prices today (March 29) continued to increase from the previous two trading sessions.
Yesterday (March 28, Vietnam time), world oil prices steadily increased.
At 10:18 a.m. yesterday, Brent crude oil for May delivery was trading at $77.75 a barrel. WTI crude oil for April delivery was trading at $72.71 a barrel.
Oil prices continued to rise slightly last night. At 7:02 p.m., Brent crude oil for May delivery was trading at $78.36 a barrel, up $0.24, or 0.31%, from the previous session. WTI crude oil for April delivery was trading at $73.05 a barrel, up $0.24, or 0.33%, from the previous session.
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Gasoline prices continue to rise (Photo: Reuters) |
According to analysts, oil prices increased due to the cooling of risk aversion and instability in the banking sector. Investors appreciated the efforts of the authorities to reassure people about concerns about the global banking system.
Recently, the US Government promised to protect bank depositors. The BankFirst Citizens (FCB) Reaches Purchase Agreementrepurchased all deposits and loans of Silicon Valley Bank (SVB) for $72 billion to help investors relieve panic when the banking system collapsed.
Oil prices also received support from signs of a recovery in Chinese crude demand. China National Petroleum Corporation said that the country's crude oil imports are forecast to increase by 6.2% in 2023 to 540 million tons.
Last week, Goldman Sachs Bank forecast that China's oil demand could increase to 16 million barrels per day amid the country's strong demand for goods.
Along with that, supply disruptions further contributed to strengthening the upward momentum of oil prices.
Iraq's decision to halt exports of 450,000 barrels of crude oil per day from the semi-autonomous Kurdish region and oil fields in Northern Kirkuk, after it won a lawsuit against Türkiye, also supported oil prices.
Oil prices were also supported by Russia’s plan to cut production. Russian Deputy Prime Minister Alexander Novak said on March 24 that Moscow was close to achieving its target of cutting crude oil production by 500,000 barrels per day to around 9.5 million barrels per day.
In addition, oil prices rose due to a weakening US dollar amid market expectations that the US Federal Reserve (Fed) will end its interest rate hike cycle and seek other measures in the fight against inflation.
The US Dollar Index (DXY) - measuring the greenback's fluctuations against six major currencies - fell to 102 points on March 28.
