According to a survey at 15:36 on May 20 (Vietnam time), WTI oil price decreased by 0.09 USD/barrel (down 0.14%), down to 62.05 USD/barrel. Brent oil price decreased by 0.13 USD/barrel (down 0.2%), down to 65.41 USD/barrel.
Oil prices fell on Tuesday as traders considered the impact on supply from Russia-Ukraine peace talks and US-Iran negotiations, strong physical demand in the first month of the year in Asia and a cautious outlook for the Chinese economy.
StoneX analyst Alex Hodes said a deal would pave the way for easing US sanctions and allow Iran to increase oil exports by 300,000 barrels to 400,000 barrels per day.
Prices are also supported by expectations of solid physical demand in the short term, in the context of the oil refining profit margin in Asia being at a good level.
"Asia's buying cycle started quite smoothly, but the large profit margin and end-of-manpower will still support," said Neil Crosby, an analyst at Sparta Commodities.
Currently, the market is paying attention to peace talks between Russia and Ukraine to orient Russian oil flows, which could increase supply and put pressure on prices.
"The energy market is focusing on potential peace talks, with a eventually deal that could lead to easing sanctions against Russia," ING analysts said in a note to customers.
For the domestic market, a representative of a business enterprise said that gasoline prices will fluctuate according to the world gasoline 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 160 VND/liter.
Domestic retail gasoline prices on May 20, 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).
