Oil prices today May 31, 2025: Brent and WTI down more than 1%

Today's gasoline and oil prices (May 31, 2025): Oil prices have fallen, heading for a second consecutive week of declines, as investors assess the possibility of OPEC+ increasing production more aggressively in July, while concerns about the widening impact of US tariff policies following new developments in court.

Gasoline and diesel prices today, May 31, 2025

According to Oilprice at 4:30 AM on May 31, 2025 (Vietnam time), Brent crude oil was priced at $63.81 per barrel, down 0.53% (equivalent to a decrease of $0.34 per barrel).

Brent crude oil prices on the world market early morning of May 31, 2025 (Vietnam time)

Similarly, WTI crude oil prices stood at $60.01 per barrel, down 1.58% (equivalent to a decrease of $0.96 per barrel).

WTI oil prices on the world market early morning of May 31, 2025 (Vietnam time)

Oil prices turned negative after Reuters reported that OPEC+ may discuss increasing production in July beyond the 411,000 barrels per day the bloc had agreed upon for May and June.

"Oil prices could face further pressure if oil-producing nations decide to increase production more than in previous months, or signal that similar increases will continue in the coming months," Commerzbank analysts said in a report released Friday morning, before the Reuters report was published.

The possibility of OPEC+ increasing production comes amid a global supply surplus of approximately 2.2 million barrels per day, according to JPMorgan's analysis. This necessitates a price adjustment to stimulate a supply-side response and rebalance the market. JPMorgan forecasts that oil prices will remain within their current range and gradually decline to above $50 per barrel by the end of the year.

Meanwhile, Trump's tariffs are expected to remain in effect after a federal appeals court temporarily reinstated the tariff orders, reversing a trade court decision the previous day that would have immediately halted the sweeping tariffs.

Oil prices fell more than 1% on Thursday and have lost more than 10% in total since President Trump announced the so-called "liberation day" tariffs on April 2nd.

In addition, oil prices faced further pressure when data released on Friday showed that consumer spending in the US slowed in April, raising concerns about energy demand in the world's largest economy .

Domestic fuel prices today, May 31, 2025

Domestic retail gasoline and diesel prices on May 31, 2025, will be applied according to the adjustment made at 3 PM on May 29 by the Joint Ministry of Finance and Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,196	+74
RON 95 gasoline	19,565	+33
Diesel	17,136	-269
Oil	17,108	-206
Fuel oil	16,264	-248

Specifically, the price of E5 RON 92 gasoline increased by 74 VND/liter, reaching 19,196 VND/liter; RON 95 gasoline increased by 33 VND/liter, reaching 19,565 VND/liter.

Diesel fuel 0.05S decreased by 269 VND/liter, to 17,136 VND/liter; kerosene decreased by 206 VND/liter, to 17,108 VND/liter; mazut 180CST 3.5S decreased by 248 VND/kg, to 16,264 VND/kg.

Gasoline and diesel prices today, May 31, 2025. Photo: Dinh Tuan

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2025 until now, domestic gasoline prices have undergone 22 adjustments, including 9 decreases, 8 increases, and 5 changes.

Ngoc Hung

Source: https://congthuong.vn/gia-xang-dau-hom-nay-31052025-brent-va-wti-giam-hon-1-390155.html