World oil prices continue to cool down. Domestic oil prices have been adjusted in opposite directions, with gasoline slightly increasing and oil falling sharply.
At the end of the last trading session of the week (May 30), oil prices fell slightly as traders expected OPEC+ to decide to sharply increase oil production in July.
Brent crude fell 25 cents, or 0.39 percent, to $63.90 a barrel. WTI crude fell 15 cents, or 0.25 percent, to $60.79 a barrel.
Brent crude futures for July delivery expire on May 30. The August contract fell 71 cents, or 1.12%, to $62.64 a barrel.
For the week, Brent and WTI both fell more than 1%, marking their second consecutive weekly decline.
Oil prices quickly extended their “cooling down” momentum when the market received information that the eight members of OPEC+ could discuss increasing production by more than 411,000 barrels/day in July at a private meeting on May 31.
“What OPEC+ is planning does not appear to be supportive for the oil market,” said Matt Smith, Kpler’s lead analyst for the Americas.
According to JPMorgan analysts, the possibility of OPEC+ increasing production is due to the global surplus rising to 2.2 million barrels per day, so the need for price adjustments to stimulate a supply-side response and restore the balance between supply and demand. These analysts expect prices to remain in the current range before falling sharply to $50/barrel by the end of the year.
Also weighing on oil prices, according to Price Futures Group senior analyst Phil Flynn, was US President Donald Trump's threat on Truth Social to get tougher on Beijing over China's failure to comply with a halt to tariffs on critical minerals.
According to Reuters, the tariffs imposed by the White House on imported goods into the US are still in effect after being temporarily restored by a federal appeals court on May 29, reversing a decision a day earlier by a US trade court to immediately block these comprehensive tariffs.
Meanwhile, according to energy services firm Baker Hughes, the US oil rig count - an early indicator of future output - fell by four this week to 461, the lowest since November 2021 and marking the fifth consecutive weekly decline for the first time since September 2023.
Domestic gasoline prices
Domestic retail prices of gasoline on May 31 are as follows:
E5 RON 92 gasoline is not more than 19,196 VND/liter. RON 95-III gasoline is not more than 19,565 VND/liter. Diesel oil not more than 17,136 VND/liter. Kerosene not more than 17,108 VND/liter. Fuel oil not exceeding 16,264 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session on the afternoon of May 29. Due to the mixed fluctuations in world gasoline and oil prices last week, domestic gasoline and oil prices were also adjusted in different directions. While the price of E5 RON 92 gasoline increased by 74 VND/liter, RON 95-III gasoline increased by 33 VND/liter, diesel oil price decreased by 269 VND/liter, kerosene decreased by 206 VND/liter and fuel oil decreased by 248 VND/kg.
Since the beginning of the year, domestic gasoline prices have undergone 22 adjustments, of which RON 95 gasoline increased 11 times and decreased 11 times; diesel oil increased 10 times, decreased 11 times and remained unchanged once.
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-31-may-tiep-tuc-ha-nhet-cho-quyet-dinh-cua-opec-5048743.html
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