Gasoline prices today (May 7): Accelerating - Lang Son Newspaper and Radio and Television Station

World oil prices continue to accelerate after a jump of more than 3%. Domestic oil prices have decreased across the board.

World oil prices

At the end of the trading session on May 6, oil prices increased by more than 3%.

Oil prices jumped more than 3% in the trading session on May 6. Illustration photo: Reuters

Brent crude rose $1.92, or 3.2 percent, to $62.15 a barrel. WTI crude rose $1.96, or 3.4 percent, to $59.09 a barrel.

Both benchmarks rose from technically oversold territory. Earlier on May 5, both Brent and WTI recorded their lowest closes since February 2021 after OPEC+ decided to continue increasing production in June.

The market may be seeing some bottom fishing with significant profit taking from short positions, a major factor contributing to the intraday price recovery, analysts at energy consultancy Ritterbusch and Associates said.

Explaining the sudden rise in oil prices, analyst Tamas Varga at PVM, a brokerage and consultancy firm under TP ICAP, said that after assessing the latest move by OPEC+ to accelerate the easing of supply cuts, market participants are focusing on developments in trade and the possibility of... trade agreements being reached.

Analyst Varga also pointed to increased geopolitical risks in the Middle East as Israel attacked targets of Iran-backed Houthi forces in Yemen in retaliation for the attack on Ben Gurion airport.

However, US President Donald Trump said the US would stop bombing Houthi forces and said the group had agreed to stop disrupting vital shipping routes in the Middle East.

Prices were also supported after Chinese consumers increased spending during the International Labor Day celebrations and as market participants returned from a five-day holiday.

The US dollar fell to a one-week low, also helping oil prices climb.

The falling US dollar is one of the factors supporting the acceleration of oil prices. Illustration photo: Reuters

Additionally, low oil prices in recent weeks have prompted several US energy companies to announce they will cut some rigs, which analysts say will increase prices over time by reducing production.

In addition, data from the American Petroleum Institute showed that in the week ending May 2, US oil inventories fell by 4.49 million barrels, the second consecutive weekly decline since January. While gasoline inventories fell by 1.97 million barrels, distillate inventories rose by 2.24 million barrels.

The US Federal Reserve (Fed) will make a decision on monetary policy today. The Fed is expected to keep interest rates unchanged as tariffs upset the economic outlook.

The US trade deficit widened to a record high in March as businesses ramped up imports of goods ahead of tariffs, sending gross domestic product (GDP) into negative territory in the first quarter for the first time in three years.

Domestic gasoline prices

Domestic retail prices of gasoline on May 7 are as follows:

E5 RON 92 gasoline is not more than 19,154 VND/liter.

RON 95-III gasoline is not more than 19,586 VND/liter.

Diesel oil not more than 17,359 VND/liter.

Kerosene not more than 17,564 VND/liter.

Fuel oil not exceeding 16,198 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 management session on the afternoon of May 5. Due to the continuous decrease in world gasoline and oil prices last week and this week, domestic gasoline and oil prices have also decreased simultaneously. The price of E5 RON 92 gasoline decreased by 84 VND/liter, RON 95-III gasoline decreased by 52 VND/liter, diesel oil decreased by 165 VND/liter, kerosene decreased by 151 VND/liter and fuel oil decreased by 326 VND/kg.

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.

Since the beginning of the year, domestic gasoline prices have undergone 18 adjustment sessions with 8 sessions of decrease, 7 sessions of increase and 3 sessions of opposite direction.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-7-5-tang-toc-5046284.html