Gasoline prices today, May 28: Down nearly 1% as the market worries about oversupply

Gasoline prices today, May 28: Crude oil prices fell nearly 1% as the market worried about oversupply in the coming time

On the morning of May 28, 2025 (at 7:00 a.m. Vietnam time) on oilprice: WTI oil price increased by 0.26 USD/barrel (+0.43%), at 61.15 USD/barrel. Brent oil price decreased by 0.65 USD/barrel (-1.00%), at 64.09 USD/barrel.

At the end of the trading session on May 27, crude oil prices fell nearly 1% as the market worried about oversupply in the coming time. Pressure came from the prospect of OPEC+ increasing production and progress in US-Iran negotiations. Brent crude oil prices fell 1% to 64.09 USD/barrel and WTI crude oil fell 1.04% to 60.89 USD.

In the morning trading session on May 28 (at 7:40 a.m. Vietnam time), the market increased again. Brent oil price increased by 0.55% to 64.07 USD/barrel and WTI oil increased by 0.89% to 61.43 USD.

OPEC+ has postponed its production policy meeting to May 28. The group of eight key members is expected to agree to raise output by 411,000 barrels per day from July, putting pressure on oil prices. Another meeting on Saturday (after May 28) is likely to agree to a faster increase in July.

US-Iran nuclear talks in Rome show signs of progress, but the uranium issue remains a stumbling block. If a deal is reached, Iran could see its oil exports eased, increasing supplies. On the other hand, prolonged sanctions would limit Iran’s supply.

Data from the EIA showed that U.S. crude inventories rose by 1.5 million barrels to 444.7 million barrels, exceeding expectations for a 1 million-barrel decline. A preliminary Reuters survey showed that U.S. crude inventories likely rose by about 500,000 barrels last week.

US consumer demand fell 2% despite the summer tourist season, raising concerns about demand.

Middle East tensions and wildfires in Canada disrupt production, supporting oil prices but the effects are unclear.

US President extends trade talks with EU to ease tariff pressure, could support energy demand.

Experts warn that if OPEC+ increases production while demand is weak, the oil market could be in clear surplus by the second half of 2025. The decline in oil prices was limited by Trump's decision to delay tariffs. The upside will remain limited until there is clarity on the OPEC+ decision on Saturday.

Domestic gasoline prices adjusted from the afternoon of May 22.

E5 RON 92 gasoline: down 58 VND/liter, not higher than 19,122 VND/liter.

RON 95 gasoline: down 62 VND/liter, not higher than 19,532 VND/liter.

Diesel 0.05S: increase 177 VND/liter, not higher than 17,405 VND/liter.

Kerosene: increase 88 VND/liter, not higher than 17,314 VND/liter.

Mazut oil 180CST 3.5S: increase 352 VND/kg, not higher than 16,512 VND/kg.

The Ministry of Industry and Trade and the Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for these products in the operating period on May 22.

Source: https://baonghean.vn/gia-xang-dau-hom-nay-28-may-giam-gan-1-khi-thi-truong-lo-ngai-du-cung-10298388.html