Gasoline price today October 16: World 'hit bottom' in 5 months, domestic gasoline increased?

World oil prices continued to fall to their lowest level in the past 5 months due to concerns about oversupply. Meanwhile, domestic gasoline prices at this afternoon's adjustment period are forecast to fluctuate in opposite directions, with gasoline prices increasing and oil prices decreasing.

On the morning of October 16, gasoline prices continued to decrease slightly by nearly 1%, Brent oil decreased by 0.48 USD, equivalent to 0.8%, to 61.91 USD/barrel; WTI oil also decreased by 0.43 USD, equivalent to 0.7%, to 58.27 USD/barrel.

On Reuters, Bank of America forecasts that Brent oil prices could fall below $50/barrel if trade tensions between the US and China continue to escalate, while production from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) increases sharply.

Gasoline prices may increase slightly from this afternoon, October 16. PHOTO: DAO NGOC THACH

According to a preliminary survey by Reuters, US crude oil inventories last week are forecast to increase by about 200,000 barrels compared to the previous week. Analysts said that the oversupply through fluctuations in global crude oil inventories is the most important indicator for the current price trend. If inventories continue to increase, oil prices will have difficulty recovering in the last quarter of this year. Oil prices are forecast to continue to fluctuate around 58 - 63 USD/barrel in the short term.

Along with concerns about oversupply, the market is being affected by the US-China trade war, as the world’s two largest oil consumers impose additional port fees on cargo ships traveling between the two countries. These tit-for-tat moves could disrupt the global flow of goods.

Last week, China announced it would tighten controls on rare earth exports, while the US threatened to increase tariffs to 100% on Chinese goods and tighten software export regulations from November 1.

Domestically, this afternoon (October 16) is the weekly adjustment period for gasoline prices. It is forecasted that gasoline prices may increase by 10 - 120 VND/liter; oil prices may decrease by about 70 - 420 VND/liter/kg. This forecast is for reference only and does not include the Petroleum Price Stabilization Fund./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-16102025-the-gioi-cham-day-5-thang-xang-trong-nuoc-tang-185251016082945362.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-16-10-the-gioi-cham-day-5-thang-xang-trong-nuoc-tang-a204614.html