Oil prices on May 29: Recovering due to concerns about global supply

Crude oil price today 5/29

Specifically, Brent oil price is at 64.79 USD/barrel, up 1.09%, WTI oil price is at 61.68 USD/barrel, up 1.31%. Domestic gasoline price this afternoon is forecasted to increase slightly.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to maintain their production policy. At the same time, the US has banned Chevron from exporting crude from Venezuela. Investors had expected OPEC+ members to agree to increase production this week.

OPEC+ did not change its output policy and agreed to establish a mechanism to determine the baseline for oil production in 2027.

Bob Yawger, director of energy trading at Mizuho, said most of the oil-producing countries attending the meeting did not have the flexibility to adjust production. “They were hoping to slow the pace of production growth and prevent a price decline, but that didn’t happen,” he added.

Gasoline price today 5/29/2025

Regarding domestic gasoline prices, the price effective from 3:00 p.m. on May 22 will remain unchanged.

Domestic gasoline prices recorded E5 RON 92 decreased by 58 VND/liter to 19,122 VND/liter; RON 95 gasoline decreased by 62 VND/liter to 19,532 VND/liter.

Diesel 0.05S increased by 177 VND/liter to 17,405 VND/liter; kerosene increased by 88 VND/liter to 17,314 VND/liter; fuel oil 180CST 3.5S increased by 352 VND/kg to 16,512 VND/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baonghean.vn/gia-xang-dau-ngay-29-may-phuc-hoi-nho-lo-ngai-ve-nguon-cung-toan-cau-10298460.html