According to a survey at 5:20 p.m. on May 16 (Vietnam time), WTI oil prices decreased by 0.29 USD/barrel (down 0.47%), down to 61.33 USD/barrel. Brent oil price decreased by 0.28 USD/barrel (down 0.43%), down to 64.25 USD/barrel.
Oil prices continued to fall on Friday due to pressure from increased supply, in the context of OPEC+ increasing production and the prospect of a nuclear deal between Iran and Western countries. However, oil prices are still heading for a second consecutive weekly increase, thanks to the easing of tensions in the US-China trade war.
US President Donald Trump said Washington is getting closer to a nuclear deal with Iran, with Tehran "par doily" accepting the proposed terms. However, a source close to the negotiations said there were still many important issues to be resolved.
ING analysts said in a note that if a nuclear deal is reached and sanctions are lifted, the risk of supply will be significantly reduced. This will allow Iran to increase oil production, while opening up many opportunities for potential buyers. It is predicted that oil supplies from Iran may increase by about 400,000 barrels per day.
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 16, 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).
