According to a survey at 4:15 p.m. on June 6 (Vietnam time), WTI oil price increased by 1.65 USD/barrel (up 2.89%), to 58.78 USD/barrel. Brent oil price increased by 1.68 USD/barrel (up 2.79%), to 61.91 USD/barrel.
According to Mr. Bjarne Schieldrop, key commodity analyst at SEB - it is surprising that we have this recovery this morning. However, $60/barrel is still an important psychological boundary. When oil prices fall below $60, people will think it is an attractive price to buy.
With expectations that output will outperform consumption, oil prices have fallen more than 10% for six consecutive sessions, and have fallen more than 20% since April, largely due to the tariff shock from US President Donald Trump, fuelling the increase in betting that the global economy will fall into recession.
The return of Chinese traders after a long holiday from May 1 is also seen as a factor supporting prices on Tuesday.
China reopens today and is the top oil importer, so buyers are likely to increase oil purchases at current low prices, Priyanka Sachdeva, senior market analyst at Phillip Nova.
New data shows that the service sector in the US - the world's largest oil consumer - is growing, as orders increase.
"Today's slight recovery in oil prices seems to be more technical than based on a fundamental factor. The major obstacles include changes in OPEC+'s production strategy, uncertain demand due to US tariff risks, along with forecasts of further price declines," said Yeap Jun Rong, market strategist at IG.
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 740 VND/liter; E5 gasoline may decrease by about 680 VND/liter; Diesel oil decreases by about 790 VND/liter.
Domestic retail gasoline prices on May 6, 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).
