On the morning of May 31, oil prices fell slightly, Brent crude fell 25 cents, equivalent to 0.39%, closing the weekend session at 63.9 USD/barrel; WTI crude lost 15 cents, equivalent to 0.25%, closing the weekend session at 60.79 USD/barrel.
Thus, by the end of this week, both Brent and WTI benchmarks fell more than 1%, marking the second consecutive week of decline.
Analysts said that the news that eight members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may increase production in July, which was decided at a meeting today (May 31), is supporting the cooling of oil prices. According to Reuters, analysts from JPMorgan Bank expect world oil prices to remain in the current range before falling sharply to $50/barrel by the end of this year.
Domestic retail prices of gasoline are currently below 20,000 VND/liter. PHOTO: D.NT
Also weighing on oil prices was US President Donald Trump's threat to get "tougher" on China, which he said had failed to comply with an order to suspend tariffs on vital minerals.
According to Reuters, the tariffs that the US President is imposing 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.
Domestically, the updated price of finished petroleum products on the Singapore reference market shows slight fluctuations compared to the domestic selling price, which was just adjusted on May 29. Accordingly, the price of finished petroleum products is decreasing slightly, while the price of oil is slightly increasing compared to the current selling price. The increase/decrease fluctuation fluctuates around 100 VND/liter/kg../
According to Thanh Nien Newspaper
Source: https://thanhnien.vn/gia-xang-dau-hom-nay-3152025-tuan-giam-thu-2-lien-tiep-185250531084640967.htm
Source: https://baolongan.vn/gia-xang-dau-hom-nay-31-5-tuan-giam-thu-2-lien-tiep-a196280.html
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