World oil prices today
World gasoline and oil prices fluctuated sharply, ending yesterday's trading session (May 7), WTI and Brent oil prices decreased by 0.28% and 1.2% respectively.
Thus, the reduction has been significantly narrowed, at one point both types of oil fell by about 5 USD/barrel as the market expected Washington and Tehran to move closer to a temporary agreement to cool down the conflict.
However, the downward trend quickly reversed when information appeared about many explosions near the port city of Bandar Abbas in Iran.
In this morning session, oil prices continued to fluctuate strongly. At 7:57 am (Vietnam time), WTI oil was traded at 96.73 USD/barrel, up 1.92 USD/barrel, equivalent to an increase of 2.03%. Previously, WTI oil closed the previous trading session at 94.81 USD/barrel and opened today's session at 97.62 USD/barrel.
Meanwhile, Brent oil price was at 102.34 USD/barrel, up 0.96 USD/barrel, equivalent to an increase of 0.93%. In the previous session, Brent oil closed at 103.30 USD/barrel and opened today's session at 103.29 USD/barrel.
According to analysts, the oil market is strongly affected by the developments of negotiations between the US and Iran. The two sides are said to be moving closer to a temporary agreement, focusing on the goal of ending fighting and reducing tensions in the short term, instead of moving towards a comprehensive agreement. However, many core issues have not been resolved.
Experts believe that if the agreement is confirmed, Brent oil prices could quickly fall to the 80-90 USD/barrel range. Conversely, in case negotiations collapse or the US resumes tough military measures, oil prices could completely exceed the 120 USD/barrel mark.
Regarding supply, Iran has now cut about 400,000 barrels of oil/day as storage facilities gradually fill up. Analysts believe that the country's output may continue to decrease in the near future if the tense situation persists.
Domestic gasoline prices today
On May 8, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The retail price of gasoline and oil in the country mentioned above was adjusted by the inter-ministry of Industry and Trade - Finance from 3 pm on May 7.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 1, 400 VND/liter;
+ Diesel oil 0.001S-V: 1,050 VND/liter at Duc Giang warehouse;
+ RON 95 - III gasoline: 1, 400 VND/liter;
+ E5 gasoline: 1, 200 VND/liter.
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ RON 95 - III gasoline: 1,000 VND/liter.
+ Diesel oil 0.05S-II: 1,500 VND/liter.
Today's gasoline and oil prices are for reference only and may change according to market developments.
Refer to more articles about gasoline and oil prices HERE.
