According to a survey at 11:12 on May 12 (Vietnam time), WTI oil price increased by 0.36 USD/barrel (up 0.59%), to 61.38 USD/barrel. Brent oil price increased by 0.33 USD/barrel (up 0.52%), to 64.24 USD/barrel.
This fluctuation in oil prices reflects positive expectations from investors after the US signed a trade deal with the UK. This helps reduce concerns about the possibility of economic disruption due to US tariffs on trading partners.
On Sunday, the US and China ended trade talks in a positive atmosphere. US officials mentioned a deal to reduce trade deficits, while China said it had reached an essential consensus.
These positive developments between the two major economies could help boost crude oil demand, especially in the context of trade disruption caused by high tariffs from both sides. This improvement can contribute to the recovery of the oil and gas market.
" Optimism about constructive talks between the US and China has supported market sentiment, but limited information and OPEC's production plan have limited the price increase."
He mentioned OPEC+'s plan to accelerate production growth in May and June, thereby adding more crude oil to the global market. Meanwhile, the nuclear deal between the US and Iran could help ease concerns about oil supply shortages, but also put downward pressure on oil prices due to the possibility of increased supply from Iran.
Last week, US energy companies reduced the number of oil and gas drilling rigs to their lowest level since January, according to data from Senior Hughes Energy Services.
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 adjustment period, retail prices of gasoline may increase.
Of which, gasoline price is forecast to increase by about 300-400 VND/liter; Diesel oil increases by about 200-300 VND/liter.
Domestic retail gasoline prices on May 12, 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).
