Gasoline price today (June 7): Sharp increase

World oil prices continue to rise thanks to positive signals from US-China trade negotiations.

On June 7, world oil prices recorded an increase of more than 1 USD/barrel, marking the first week of price increase after two consecutive weeks of decline. The main reason came from the positive US employment report and the resumption of trade negotiations between the US and China, which raised expectations of a recovery in the world's two largest economies .

At the end of the trading session on June 6, Brent oil price increased by 1.13 USD, equivalent to 1.73%, to 66.47 USD/barrel. Meanwhile, WTI oil price increased by 1.21 USD, equivalent to 1.91%, to 64.58 USD/barrel.

Both oil benchmarks posted weekly gains after two straight weeks of declines. For the week, Brent rose 2.75%, while WTI rose 4.9%.

World oil prices continued to increase in the trading session on June 6. Illustration photo: Caspian News

Phil Flynn, senior analyst at Price Futures Group, said: “This US jobs report is very positive, enough to increase the possibility of the US Federal Reserve (Fed) cutting interest rates.”

According to Reuters, the US Department of Labor has just released its monthly employment report, showing that the unemployment rate in this country in May remained at 4.2%. US businesses hired 139,000 workers last month. Although this figure is lower than the average of 160,000 jobs per month last year, this is a slight decline, not alarming.

An interest rate cut from the Fed, which President Donald Trump has been pushing for, could boost economic growth and in turn increase demand for oil.

“The market was pricing in a series of negative scenarios, none of which ultimately materialized. OPEC+ is still committed. The US and China have resumed talks, although the details are still unclear, but at least things have not fallen apart like the relationship between Elon Musk and President Donald Trump,” said John Kilduff, a partner at Again Capital in New York.

China's Xinhua News Agency confirmed that a phone call between Chinese President Xi Jinping and US President Donald Trump took place on June 5 at Washington's request. President Donald Trump later declared that the call had "very positive results" and affirmed that trade relations with China are "in a very good state."

The oil market continues to react strongly to information related to the progress of tariff negotiations, data also shows that the impact of US tax policies is spreading to the entire global economy.

In another development, the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and partners such as Russia, agreed to increase production by 411,000 barrels per day in July, as previously announced. However, a proposal from Saudi Arabia for a larger increase in production was not approved. This is considered part of an expansion strategy to regain market share for the OPEC+ bloc in the global oil market.

In a recent business report, HSBC Bank commented: “The market will be in a balanced state in the second and third quarters when oil demand increases sharply in the summer, especially peaking in July and August, in line with the increase in production from OPEC+”.

The number of US oil and gas rigs, considered an indicator of future supply, fell by four to 559 this week, the lowest since November 2021, according to data from energy services firm Baker Hughes.

According to Reuters, the oil market is entering a cautious recovery phase, as expectations for global economic growth are raised thanks to positive signals from the US and China. However, geopolitical variables and OPEC+ supply strategy will continue to create large fluctuations in the coming time.

Domestic gasoline prices

Domestic retail prices of gasoline on June 7, specifically as follows:

E5 RON 92 gasoline is not higher than 19,263 VND/liter.

RON 95-III gasoline is not higher than VND 19,698/liter.

Diesel oil is not higher than 17,420 VND/liter.

Kerosene is not higher than 17,284 VND/liter.

Fuel oil is not higher than 16,178 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of June 5. As world oil prices continued to increase, domestic gasoline and oil prices also increased simultaneously. E5 RON 92 gasoline price increased by 67 VND/liter, RON 95-III gasoline increased by 133 VND/liter, diesel price increased by 284 VND/liter, and kerosene increased by 176 VND/liter. However, the price of fuel oil decreased by 86 VND/kg.

Since the beginning of the year, domestic gasoline prices have undergone 23 adjustment sessions, including 9 decreases, 9 increases and 5 opposite sessions.

In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-7-6-tang-manh-5049372.html