Increases further as IEA issues less optimistic warning on supply

The IEA warned that in April, the market could lose 3 million barrels of crude oil and refined products from Russia.

US WTI oil price increased 0.32% to 103.31 USD/barrel at 7:50 am (Vietnam time) on March 18. While the price of Brent crude oil for May delivery fell 0.05% to 106.93 USD/barrel.

On March 7, world crude oil prices simultaneously jumped more than 3% when the IEA issued a less optimistic warning about Russia’s oil supply. Notably, the price of Brent oil has returned to the $100/barrel mark.

The IEA warned that in April, the market could lose 3 million barrels of crude oil and refined products from Russia per day. The shortfall in supply from Russia is much larger than the drop in demand, the IEA noted in its newly released report. The agency predicts that, in April, due to expensive fuel prices, crude oil demand will fall by about 1 million barrels per day.

In another development, according to the US Energy Information Administration (EIA), in the week to March 11, the country’s crude oil inventories increased by 4.3 million barrels to about 415.9 million barrels. Previously, analysts had predicted that US oil inventories would lose 1.4 million barrels in the past week.

Crude oil prices extend a series of rising days

In the Vietnamese market, on the morning of March 18, the price of gasoline on the market was not higher than the price:

– E5RON92 gasoline: not higher than 28,985 VND/liter,

– RON 95 gasoline is not higher than 29,824 VND/liter,

– Diesel oil not higher than 25,268 VND/liter,

– Kerosene is not higher than 23,918 VND/liter,

– Fuel oil is not higher than 20,987 VND/kg.