According to the survey at 2:03 p.m. on May 19 (Vietnam time), WTI oil price increased by 0.59 USD/barrel (down 0.95%), down to 61.38 USD/barrel. Brent oil price decreased by 0.58 USD/barrel (down 0.89%), down to 64.83 USD/barrel.
Oil prices fell on Monday due to the impact of Moody's downgrading of the US national credit rating and official data showing that China's industrial output and retail sales growth rate slowed down.
Priyanka Sachdeva - senior market analyst at Phillip Nova - said that Moody's downgrading raises questions about the prospects of the US economy. At the same time, Chinese data points to a bumpy path ahead for any economic recovery.
She said that Moody's downgrading may not have a direct impact on oil demand, but it will create a more alert market sentiment.
On May 16, Moody's downgraded the US national credit rating due to the country's growing public debt to $36 trillion. The move could complicate President Donald Trump's tax cut efforts.
Meanwhile. in China, data showed that industrial output growth slowed in April, although it was still better than economists expected.
Although Beijing and Washington reached an agreement last week to lift most of their tariffs on each other's goods, a short-term ceasefire and President Trump's unpredictable approach are still negatively affecting China's export economy. In particular, this economy is still facing a 30% tax rate in addition to current tax rates.
Meanwhile, the outcome of the Iran-US nuclear talks remains uncertain, limiting the decline in oil 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 adjustment period, retail prices of gasoline may have opposite adjustments.
Of which, RON 95 gasoline price is forecast to decrease by about 100 VND/liter; E5 gasoline decreases by about 90 VND/liter; Diesel increases by about 190 VND/liter.
Domestic retail gasoline prices on May 19, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 15 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 15, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, priced at VND19 cul/liter (up VND403/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND19,594/liter (up VND415/liter).
Prices of oil products increased simultaneously. Of which, diesel 0.05S is priced at VND 17,228/liter (up VND 419/liter); kerosene has a new price of VND 17,226/liter (up VND 285/liter); mazut is priced at VND 16,160/kg (up VND 627/kg).
