Gasoline price today May 24: Slight decrease this week

On the morning of May 24, oil prices continued to increase in the weekend trading session, Brent oil increased by 34 cents, equivalent to 0.54%, to 64.78 USD/barrel; WTI oil increased by 33 cents, equivalent to 0.54%, to 61.53 USD/barrel.

However, by the end of this week, the prices of the two benchmark oil products both decreased slightly by more than 1%.

According to Reuters, the results of the negotiations to limit the nuclear program of the US and Iran have entered the 5th round but seem to be not positive, raising concerns about supply disruption. Some analysts believe that no agreement reached after the 5th negotiation could give Israel the green light to attack Iran. Accordingly, the supply of crude oil could be disrupted.

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 "cannot negotiate on trade".

Oil prices fell more than 1% this week

Analysts say the market is under pressure from two factors: the impact of tariffs on demand and the Organization of the Petroleum Exporting Countries and its allies (OPEC+) planning to increase production in July. Oilprice predicts that the global benchmark Brent crude oil price could be pushed back below $60 per barrel due to these factors.

Meanwhile, at the end of the last session of the week, prices of finished petroleum products in the Singapore market fluctuated in opposite directions compared to domestic prices, with gasoline prices increasing slightly and oil prices decreasing slightly.

With the developments in world prices and finished product prices on the Singapore reference market, it is forecasted that domestic oil prices next week may reverse and decrease, while gasoline prices may increase slightly./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-2452025-tuan-giam-nhe-185250524083205965.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-24-5-tuan-giam-nhe-a195852.html