Gasoline price today 7/5: Crude oil climbs

On the morning of May 7, 2025, world oil prices rebounded after a series of declines, thanks to technical buying power, recovery in consumption demand and geopolitical tensions in the Middle East.

According to the Oilprice website at 11:00 a.m. (Vietnam time), WTI oil price increased by 0.52 USD, equivalent to 0.88%, to 59.61 USD/barrel. Meanwhile, Brent oil increased sharply by 0.48 USD, equivalent to 0.78%, reaching 62.63 USD/barrel.

After hitting a four-year low, both Brent and WTI have moved out of oversold territory. OPEC+ announced further production increases in June, but instead of putting downward pressure on prices, the news triggered a wave of bottom fishing and profit-taking from short positions, supporting oil prices to recover.

The market was also supported by positive factors such as high spending in China during the Labor Day holiday, signs of recovering energy demand in Europe, and buyers returning as oil prices fell sharply. A weaker dollar also helped make oil more attractive to importers using other currencies.

On the geopolitical front, Middle East tensions continued to escalate as Israel launched airstrikes against Houthi forces in Yemen in retaliation for the attack on Ben Gurion Airport. Although President Donald Trump later announced a halt to the airstrikes, the situation still raised concerns about the potential disruption to global supplies.

In addition, new data from the American Petroleum Institute (API) showed that crude oil inventories fell by more than 4 million barrels in the first week of May. At the same time, the market is waiting for the US Federal Reserve (Fed), which is expected to keep interest rates unchanged in the face of trade uncertainty and a slowdown in first-quarter GDP growth.

Gasoline price today 7/5: Crude oil climbs

On the morning of May 7, 2025, domestic gasoline prices continued to decrease slightly according to the latest adjustment on May 5 by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 RON 92 gasoline decreased by 84 VND/liter, currently not higher than 19,154 VND/liter; RON 95 gasoline decreased by 52 VND/liter, down to a maximum of 19,586 VND/liter.

Prices of oil products were also adjusted down. Diesel 0.05S decreased by 165 VND/liter, to 17,359 VND/liter; kerosene decreased by 151 VND/liter, to 17,564 VND/liter; fuel oil 180CST 3.5S decreased by 326 VND/kg, currently not higher than 16,198 VND/kg.

During this period, the Joint Ministry did not set aside or use the Petroleum Price Stabilization Fund for all petroleum products. The price adjustment is aimed at closely reflecting the world petroleum price movements in recent days, while contributing to stabilizing the market and supporting domestic consumption.

Source: https://baoquangnam.vn/gia-xang-dau-hom-nay-7-5-dau-tho-leo-doc-3154250.html