Oil prices extended gains on Thursday on the prospect of lower supply, as some OPEC producers pledged to cut output further to offset output exceeding agreed quotas.
Brent crude futures rose 34 cents, or 0.5%, to $66.19 a barrel, and U.S. West Texas Intermediate crude was at $62.91 a barrel, up 44 cents, or 0.7%.
Both benchmark crudes settled on Wednesday up 2%, hitting their highest levels since April 3, 2025, and are on track for their first weekly rise in three weeks.
The oil market appears to be trending upwards, with oil markets seeing an overselling. In this case, we continue to monitor tariff wars, and the US dollar for clues on the future direction. However, we clearly have strong support below.
The crude oil market has shown a somewhat uptrend over the past couple of weeks, meaning we are stabilizing. This came after a previous fierce sell-off, and I think we should keep in mind that we will continue to see many traders trying to determine whether or not we have been oversold or not. I think that’s the situation right now.
Accordingly, the $60 level in the sweet light crude oil market is an area I follow closely. Overall, I think we have a scenario where traders will continue to try to find value. The question, of course, is whether or not the market will agree to this theory.
Brent markets rallied during the trading session, surpassing the short-term resistance level. The question now is: will we continue to climb, perhaps towards the $70 level? I think short-term pullbacks will provide a big boost up to $60, but we’ll have to wait and see how it goes.
Vietnam cuts fuel prices to lowest level since 2021
Retail fuel prices fell for the second time in a row, according to an announcement by the Ministry of Industry and Trade and the Ministry of Finance, with the latest amendments coming into effect at 3 p.m. on April 17.
Accordingly, the price of E5 RON92 petrol was set at 18,498 VND (US$0.71) per liter, a decrease of 384 VND, while the price of RON95-III petrol fell to 18,856 VND per litre, a decrease of 351 VND.
The price of 0.05S diesel fell by 206 VND to 17,037 VND per liter, and the price of kerosene fell by 229 VND to 17,184 VND per liter. In contrast, diesel saw a slight increase of 58 VND, now priced at 15,960 VND per kilogram.
This marks the second consecutive decline in domestic RON95 gasoline prices, which have now reached a four-year low, equivalent to the prices recorded in April 2021.
Since the beginning of this year, the RON95 gasoline has seen eight price increases and eight price reductions. The price of diesel has risen seven times, decreased eight times, and remained the same once.
In this amendment, the authorities chose not to use the Gasoline and Oil Price Stabilization Fund for any of the fuel categories.
Global oil prices during the period from April 10 to 16 were affected by rising OPEC+ production, changing US tariffs, slowing demand expectations from the International Energy Agency, and continuing geopolitical tensions, especially the Russian-Ukrainian conflict, according to the Ministry of Industry and Trade.
The Bank of England expects inflation to reach 3.7% by September 2025, driven by a new increase in employer national insurance, adding £25bn ($32bn) to business costs. This could lead to higher prices for services, from eating out to haircuts, which are already rising by 4.1%.
Inflation in Britain eases to 2.6% on fuel (OIL)
The sharp drop in petrol prices brought the UK’s inflation rate down to 2.6% in March 2025, bringing great relief to households who have suffered years of rising costs. From lower fuel prices at stations to a slight drop in grocery bills, consumers feel rare financial comfort.
However, with energy bills rising by 10% and new taxes increasing that have added £25bn ($32bn) to business costs, experts warn that this may not last long. Global trade tensions and rising wages are also making the outlook more uncertain. Is this a turning point or just a pause?
Let’s explore the motivating factors, risks, and practical steps to protect your money in this volatile economy.
The Office for National Statistics announced on 16 April 2025 that inflation fell to 2.6% from 2.8%, driven by a drop in petrol prices by £0.06 ($0.79) per litre. Grant Fitzner, chief economist at the Office for National Statistics, said in the Money Control report: “Lower fuel costs have been the main factor behind the decline in inflation.”
This translates into savings of £12 to £24 (US$15 and US$31) per month for casual drivers, providing a rare glimmer of hope for families. The drop in gasoline prices stems from falling global oil demand, with prices stabilizing at around £60 (US$79) a barrel. This has reduced transportation costs, limiting the rise in the price of everyday goods such as groceries.
However, the picture is not entirely rosy: energy bills rose 10% in April 2025, adding £150 (US$198) to households’ annual expenses, which could offset fuel savings.
Despite this good news, economists warn that inflation may soon rebound. Paul Deals, chief UK economist at Capital Economics, said in a LinkedIn post: “We expect price pressures to increase again by autumn.”
