On the morning of July 11, oil prices fell more than 2% as the market reacted to new US tariff policies, raising concerns about global economic growth. Specifically, Brent oil prices fell by 1.3 USD, equivalent to 1.85%, to 68.89 USD/barrel; WTI oil prices fell by 1.47 USD, equivalent to 2.15%, to 66.91 USD/barrel.
According to Reuters, the decline came after US President Donald Trump announced that he could impose tariffs of up to 50% on goods from Brazil, in order to put pressure on his Brazilian counterpart Luiz Inacio Lula da Silva. Not only Brazil, US President Donald Trump's administration is also preparing to impose tariffs on goods such as copper, semiconductors and pharmaceuticals from a series of countries such as the Philippines, Iraq, South Korea and Japan... which are major trading partners of the US.
According to analysts, policy uncertainty makes market reactions difficult to predict and investors often choose to wait.
Domestic and world oil prices fluctuate in opposite directions today. PHOTO: PHAM HUU
In other developments, according to the minutes of the US Federal Reserve's monetary policy meeting, only a few opinions supported cutting interest rates in July. Along with that, the Organization of the Petroleum Exporting Countries and its allies (OPEC +) is expected to approve a plan to increase production significantly in September, after ending voluntary cuts from member countries. However, according to Phil Flynn, senior analyst at Price Futures Group, OPEC + may pause the production increase in October if demand peaks.
Domestically, after a week of sharp declines, yesterday afternoon (July 10), the Ministry of Finance - Industry and Trade adjusted the prices of a series of petroleum products upward. Specifically, E5 RON92 gasoline increased by 214 VND/liter, RON95-III gasoline increased by 184 VND/liter; other types of oil also increased by 239 VND/liter - 429 VND/liter, while 180CST 3.5S fuel oil decreased by 244 VND/kg compared to the current base price.
This time, the joint ministries also did not set aside or use the Price Stabilization Fund for petroleum products. On the morning of July 11, after adjustment, the common retail prices of petroleum products on the market were as follows: E5 RON92 gasoline was not higher than VND19,659/liter; RON95-III gasoline was not higher than VND20,090/liter; 0.05S diesel was not higher than VND18,837/liter; kerosene was not higher than VND18,371/liter; 180CST 3.5S fuel oil was not higher than VND15,563/kg./.
According to Thanh Nien Newspaper
Source: https://thanhnien.vn/gia-xang-dau-hom-nay-1172025-dao-chieu-giam-manh-truoc-chinh-sach-thue-quan-my-185250711082227517.htm
Source: https://baolongan.vn/gasoline-price-today-11-7-has-been-decreasing-in-many-directions-before-the-my-tax-policy-a198530.html
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