According to Oilprice, at 5:30 a.m. on June 2 (Vietnam time), Brent oil price increased by 1.06 USD/barrel (up 1.69%), to 63.84 USD/barrel and WTI oil price increased by 1.19 USD/barrel (up 1.96%), to 61.98 USD/barrel.
According to Reuters, the global oil market faced many unstable factors last week, as increased supply from OPEC+ and concerns about global economic growth continued to put pressure on oil prices.
Increased supply from OPEC+ continues to put pressure on oil prices. Illustration: Planet Energies
OPEC+ has decided to increase production by 411,000 barrels per day in July, after similar increases in May and June. The move is aimed at regaining market share and punishing members who do not comply with their quotas. However, it also raises concerns about the risk of oversupply in the market, especially when oil demand has not shown signs of a strong recovery.
Analysts in a Reuters poll in May lowered their forecast for average Brent crude oil prices in 2025 to $66.98 a barrel, down from $68.98 a barrel previously. WTI crude was also revised down to $63.35 a barrel, largely due to concerns about slowing global economic growth and uncertainties in trade relations between major economies.
Illustration photo: Reuters
Trade tensions between major economies, especially between the United States and China, continue to negatively affect the global economic growth outlook. The imposition of new tariffs and retaliation have reduced investor and business confidence, thereby affecting energy demand. In addition, factors such as high inflation, tight monetary policy and geopolitical instability have also contributed to increasing risks for the world oil market.
The global oil market is facing many challenges in the context of increasing supply and weak recovery of consumption demand. Although both Brent and WTI crude oil prices increased in the first trading session of the week, oil prices are expected to continue to fluctuate in a downward direction, reflecting the current market instability.
Domestic gasoline prices
Domestic retail prices of gasoline on June 2, specifically as follows:
E5 RON 92 gasoline is not more than 19,196 VND/liter. RON 95-III gasoline is not more than 19,565 VND/liter. Diesel oil not more than 17,136 VND/liter. Kerosene not more than 17,108 VND/liter. Fuel oil not exceeding 16,264 VND/kg. |
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of June 5. World oil prices continue to fluctuate complicatedly, affecting domestic gasoline and oil prices. This week, gasoline prices may increase slightly, while oil prices remain stable.
In the recent price adjustment, gasoline prices increased and decreased in opposite directions. While the price of E5 RON 92 gasoline increased by 74 VND/liter, RON 95-III gasoline increased by 33 VND/liter, diesel oil price decreased by 269 VND/liter, kerosene decreased by 206 VND/liter and fuel oil decreased by 248 VND/kg.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-2-6-ap-luc-tu-nguon-cung-tang-5048861.html
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