Gasoline prices today (May 24): Slight increase in the last session of the week - Lang Son Newspaper and Radio and Television

World oil prices

Oil prices edged up at the end of the week’s final trading session (May 23) as US buyers hedged positions ahead of the three-day Memorial Day holiday and amid concerns over the latest round of nuclear talks between the US and Iran.

Oil prices rose slightly in the last trading session of the week. Illustration photo: Reuters

Brent crude rose 34 cents, or 0.54 percent, to $64.78 a barrel. WTI crude rose 33 cents, or 0.54 percent, to $61.53 a barrel.

There will be some cover-up short selling activity later this week, said senior analyst Phil Flynn of Price Futures Group.

According to Reuters, Memorial Day this year falls on May 26 (the last Monday of May). The three-day holiday (from May 24) will kick off the summer driving season in the US, a period when fuel demand is typically at its highest of the year.

On May 23, US and Iranian negotiators met in Rome, Italy, to begin the fifth round of talks aimed at curbing Tehran's nuclear program. According to analyst Flynn, traders are concerned that crude oil supplies could be disrupted if the talks fail to reach an agreement.

The talks do not look promising, Flynn said. "If these are the final talks and no agreement is reached, that could give Israel a green light to attack Iran," Flynn said.

In another development, on May 23, US President Donald Trump said he was proposing to impose a 50% direct tariff on goods from the EU, starting June 1, on the grounds that the bloc would find it difficult to negotiate on trade.

The oil market is under pressure from two factors: The impact of tariffs on oil demand and OPEC+ expected to increase supply again this summer, said Andrew Lipow, president of Lipow Oil Associates.

OPEC+ is likely to increase production by 411,000 barrels per day in July. The decision will be announced next week. Illustration photo: Reuters

OPEC+ meets next week and is likely to raise output by 411,000 barrels per day in July, the third straight monthly increase but by a larger amount.

OPEC+ will accelerate its oil production increase and could return 2.2 million barrels per day to the market in November, Reuters reported. The group shocked the oil market in April when it agreed to a larger-than-expected production increase in May amid falling oil prices and sluggish demand.

Oilprice said that if tensions between the US and the EU continue and the possibility of OPEC+ continuing to increase oil production at the meeting next week could push Brent crude oil prices down below the $ 60 / barrel mark again.

Domestic gasoline prices

Domestic retail prices of gasoline on May 24 are as follows:

E5 RON 92 gasoline is not more than 19,122 VND/liter.

RON 95-III gasoline is not more than 19,532 VND/liter.

Diesel oil not more than 17,405 VND/liter.

Kerosene not more than 17,314 VND/liter.

Fuel oil not exceeding 16,512 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of May 22. Because the world price of gasoline and oil increased last week, but decreased in recent trading sessions, the domestic price of gasoline and oil was also adjusted in opposite directions, with gasoline prices decreasing slightly and oil prices increasing slightly. The price of E5 RON 92 gasoline decreased by 58 VND/liter, RON 95-III gasoline decreased by 62 VND/liter, diesel increased by 177 VND/liter, kerosene increased by 88 VND/liter and fuel oil increased by 352 VND/kg.

In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baolangson.vn/gasoline-price-today-24-may-increases-slightly-on-the-last-week-5047995.html