According to a survey at 3:45 p.m. on May 7 (Vietnam time), WTI oil price increased by 0.92 USD/barrel (up 1.56%), to 60.01 USD/barrel. Brent oil price increased by 0.78 USD/barrel (up 1.26%), to 62.93 USD/barrel.
Both of these benchmark prices have fallen to their lowest level in four years after OPEC+ decided to increase production growth, raising concerns about supply exceeding demand, especially in the context of US tariffs raising concerns about oil consumption demand.
Commodity strategists at ING said on Wednesday: "The news that the US and China will start trade talks this weekend has helped Brent crude oil prices increase higher, prolonging the slight increase of the oil market."
ING also stressed: "While these negotiations could help improve sentiment in the oil market, we still need to see clear progress in reducing tariffs to enhance demand growth prospects."
Meanwhile, falling oil prices in recent weeks have prompted several US energy companies, such as Diamondback Energy and Coterra Energy, to announce cutting drilling rigs. Analysts said that this cut will support oil prices over time by reducing output.
The latest announcements show that output is likely to weaken in the coming months. We have warned since last month that falling oil prices and falling drilling operations are increasing the risk of falling US oil production, said Daniel Hynes, senior commodity strategist at ANZ Bank.
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 continue to decrease sharply.
In particular, RON 95 gasoline price is forecast to decrease by about 500 VND/liter; E5 gasoline may decrease by about 450 VND/liter; Diesel oil decreases by about 590 VND/liter.
Domestic retail gasoline prices on May 7, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 5 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 5, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND 19,154/liter (down VND 84/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19,586/liter (down VND52/liter).
Prices of oil products have decreased simultaneously. Of which, diesel 0.05S is priced at VND 17,359/liter (down VND 165/liter); kerosene has a new price of VND 17,564/liter (down VND 151/liter); mazut is priced at VND 16,198/kg (down VND 326/kg).
