Gasoline price today 07/05/: Increased by more than 3%

On the morning of May 7, gasoline and oil prices increased sharply, Brent oil increased by 1.92 USD, equivalent to 3.2%, to 62.15 USD/barrel; WTI oil increased by 1.96 USD, equivalent to 3.4%, to 59.09 USD/barrel.

Both benchmarks rose from technically oversold territory, Reuters reported, after both closed at their lowest levels since February 2021 in the previous session after OPEC+ decided to continue raising production in June.

Analysts said the market may be witnessing some “bottom fishing” activity with significant profit taking from short selling, which contributed to the intraday rally. Prices were also supported by increased spending by Chinese consumers during the Labor Day celebrations and the return of investors to the market after an extended holiday.

Gasoline prices may continue to decrease from tomorrow afternoon (May 8)

Meanwhile, the US has already lowered its forecast for domestic oil production this year, even before oil prices fell below $60 a barrel. A short-term energy outlook report from the US Energy Information Administration (EIA) released on May 6 showed that US crude oil production in 2025 is forecast to reach 13.42 million barrels per day, down about 100,000 barrels per day from last month's estimate. The forecast does not take into account the new US tariffs or the OPEC+ agreement to increase production at last weekend's meeting.

Analysts say these developments have prompted US shale oil producers to start planning to reduce the number of rigs, which analysts say will support a short-term recovery in oil prices.

Domestically, gasoline prices in the adjustment period tomorrow afternoon (Thursday, May 8) may continue to decrease. This morning, May 7, retail discounts on gasoline began to increase slightly, ranging from 1,400 - 1,700 VND/liter. The increase in discounts occurring in a very short time before the price adjustment period is said by gasoline businesses to be a sign that domestic gasoline prices in this adjustment period will decrease.

Some petroleum traders said that after the previous price adjustment period, world crude oil prices continued to fall to their lowest level since the beginning of 2021, pushing down imported petroleum prices in the Singapore market. This has supported domestic petroleum prices to continue to fall this period, with the expected decrease fluctuating between VND400 - 750/liter./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-752025-bat-tang-hon-3-185250507081211363.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-07-5-bat-tang-hon-3--a194779.html