Oil prices today 05/31/2025: Oil prices have fallen, heading for a second consecutive week of decline, as investors assess the possibility that OPEC+ will increase production more aggressively in July, while concerns spread about US tariff policy after new developments in court.
Gasoline price today May 31, 2025
Recorded on Oilprice at 4:30 a.m. on May 31, 2025 (Vietnam time), Brent oil price was at 63.81 USD/barrel, down 0.53% (equivalent to a decrease of 0.34 USD/barrel).
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| Brent oil price on the world market early morning of May 31, 2025 (Vietnam time) |
Similarly, WTI oil price was at 60.01 USD/barrel, down 1.58% (equivalent to a decrease of 0.96 USD/barrel).
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| WTI oil price on the world market in the early morning of May 31, 2025 (Vietnam time) |
Oil prices fell into negative territory after Reuters reported that OPEC+ could discuss raising production in July beyond the 411,000 barrels per day the group agreed for May and June.
“Oil prices could come under further pressure if oil-producing countries decide to increase production by more than in previous months, or signal that similar increases will continue in the coming months,” Commerzbank analysts said in a note released Friday morning, before the Reuters report was published.
The potential OPEC+ production increase comes amid a global supply surplus of about 2.2 million barrels per day, according to JPMorgan analysis. This requires a price adjustment to stimulate a supply response to rebalance the market. JPMorgan forecasts oil prices to remain within the current range and gradually decline to above $50 per barrel by the end of the year.
Meanwhile, Mr Trump's tariffs are expected to remain in effect after a federal appeals court temporarily reinstated the duties, reversing a trade court decision a day earlier to immediately halt the sweeping duties.
Oil prices fell more than 1% for a fifth day and have lost more than 10% since President Trump announced the tariffs on what he called “liberation day” on April 2.
Oil prices were also under further pressure as data released on Friday showed US consumer spending slowed in April, raising concerns about energy demand in the world's largest economy .
Domestic gasoline prices today May 31, 2025
Domestic retail gasoline prices on May 31, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 29 by the Ministry of Finance - 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, to 19,196 VND/liter; RON 95 gasoline increased by 33 VND/liter, to 19,565 VND/liter.
Price of diesel 0.05S: Decreased by 269 VND/liter, down to 17,136 VND/liter; kerosene decreased by 206 VND/liter, down to 17,108 VND/liter; fuel oil 180CST 3.5S decreased by 248 VND/kg, down to 16,264 VND/kg.
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| Gasoline prices today May 31, 2025. Photo by Dinh Tuan |
In this management 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 to now, domestic gasoline prices have undergone 22 adjustment sessions, including 9 decrease sessions, 8 increase sessions and 5 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-31052025-brent-va-wti-giam-hon-1-390155.html
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