Oil prices today, August 3, ending the last trading session of the week (August 2), oil prices slid nearly 4%, closing at the lowest level since January. (Source: AFP)

Brent crude fell $2.71, or 3.41%, to $76.81 a barrel. WTI crude fell $2.79, or 3.66%, to $73.52 a barrel.

Notably, at one point during the session, both Brent and WTI oil fell by more than $3.

Reuters cited a report from the US Department of Labor's Bureau of Labor Statistics as saying that the US non-farm payrolls increased by 114,000 jobs in July, much lower than the 215,000 jobs added per month over the past 12 months and the 200,000 jobs that economists say are needed to keep up with population growth. Along with slower-than-expected US job growth, the unemployment rate also rose to 4.3%, raising concerns about the possibility of a recession.

Commenting on the oil price plunge, Tim Snyder, chief economist at Matador Economics, said it was due to a shift in assessment from geopolitics to economic data.

In addition to the US data, economic data from China, the world's top oil importer, and surveys showing weaker manufacturing activity across Asia, Europe and the US have raised the risk of a slow global economic recovery, weighing on oil consumption.

Weakening manufacturing activity in China also weighed on prices, adding to concerns about demand growth after June data showed imports and refining activity fell year-on-year.

Meanwhile, OPEC oil output rose in July as a recovery in Saudi Arabian supply and small increases elsewhere offset the impact of voluntary supply cuts by some OPEC+ members.

OPEC pumped 26.70 million barrels per day (bpd) in July, up 100,000 bpd from June, according to a survey based on shipping data and information from industry sources.

The OPEC+ meeting on August 1 ended with the group's oil production policy remaining unchanged, including plans to begin lifting production cuts from October.

Oil investors continue to monitor developments in the Middle East, but analysts note there have been no significant disruptions to oil supplies from the region as prices fell to multi-week lows after the killing of senior Hamas and Hezbollah leaders raised fears of all-out war.

Domestic retail prices of gasoline on August 3 are as follows:

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of August 1.

Diesel oil price decreased the most, 316 VND/liter. Mazut oil price decreased 292 VND/kg, E5 RON 92 gasoline decreased 284 VND/liter, RON 95-III gasoline decreased 281 VND/liter. Kerosene decreased the least, 231 VND/liter.

This is the fourth consecutive reduction in domestic gasoline prices.