According to a survey at 1:46 p.m. on May 9 (Vietnam time), WTI oil price increased by 0.33 USD/barrel (up 0.55%), to 60.24 USD/barrel. Brent oil price increased by 0.35 USD/barrel (up 0.56%), to 63.19 USD/barrel.
On May 10, US Treasury Secretary Scott Bessent will meet with Chinese Deputy Prime Minister He Lifeng in Switzerland to discuss trade disputes affecting global crude oil consumption growth.
Vandana Hari, founder of oil market analysis company Vanda Insights, said: "If the two sides agree to set a date for the official start of negotiations and reduce the current high tariffs during negotiations, the market will have a chance to recover. This could boost crude oil prices by another $2,300 a barrel.
Recently, US President Donald Trump and British Prime Minister Keir Starmer announced that the UK agreed to reduce tariffs on imports from the US from 5.1% to 1.8%. Meanwhile, the US has cut taxes on British cars, but maintained a 10% tax rate on most other items.
Vandana Hari added: " Any trade deal between the United States and major partners, such as the United Kingdom, has somehow affected oil and gas market sentiment, but the impact was insignificant."
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies - abbreviated as OPEC + - are expected to increase oil production, which could put downward pressure on prices.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price management period, retail prices of gasoline may have opposite adjustments in the direction of increasing gasoline prices and decreasing oil prices.
Domestic retail gasoline prices on May 9, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 8 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 8, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND18,777/liter (down VND377/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19,179/liter (down VND407/liter).
Prices of oil products have decreased simultaneously. Of which, diesel 0.05S is priced at VND 16,809/liter (down VND 550/liter); kerosene has a new price of VND 16,941/liter (down VND 623/liter); mazut is priced at VND 15,533/kg (down VND 665/kg).
Also in today's operating period, the operator did not set aside or use the Petroleum Price Stabilization Fund - BOG for all petroleum products.
