Gasoline prices today June 10: Increased to multi-week peak thanks to expectations for US-China negotiations
World crude oil prices continued to climb, reaching their highest level in many weeks thanks to a weakening USD and positive expectations from US-China trade negotiations.
World oil price developments
At the end of the session on June 9, Brent crude oil price increased by 0.9% to 67.04 USD/barrel, while US WTI crude oil price increased by 1.1% to 65.29 USD/barrel. During the session, both types of oil reached their peaks since late April and early April, respectively.
On the morning of June 10, oil prices continued to increase slightly: Brent oil increased 0.3% to 67.25 USD/barrel, while WTI oil increased 0.15% to 65.39 USD/barrel (updated at 11:30 Vietnam time).
Investors expect a deal between the world's two largest economies to improve the global outlook and stimulate energy demand.
The US dollar fell 0.3%, making oil more attractive to buyers using other currencies, while a phone call between US President Donald Trump and Chinese President Xi Jinping ahead of a meeting between the two delegations in London raised hopes of a breakthrough in trade relations.
However, analysts say the current uptrend is technical and could easily reverse if there are no new, more positive signals.
Demand and supply continue to struggle
While hopes for trade talks have helped bolster market confidence, fundamental data from China has been a drag. May exports fell sharply, factory prices fell to a two-year low, and crude imports fell as refineries entered maintenance.
On the supply side, OPEC output in May increased slightly to 26.75 million barrels/day, with the increase mainly from Saudi Arabia and the UAE, but still lower than the overall plan due to additional cuts from Iraq.
Overall, expectations for progress in US-China negotiations are the main driving force helping oil prices maintain an upward trend, despite weak macroeconomic signals from China and the possibility of OPEC+ supply increasing again in the coming time.
Domestic gasoline prices today June 10: Slight increase according to the adjustment period on June 5
From 3:00 p.m. on June 5, the Ministry of Industry and Trade and the Ministry of Finance adjusted retail gasoline prices, with most items recording a slight increase. Specifically, the price of E5 RON92 gasoline increased by 67 VND/liter to a maximum of 19,263 VND/liter, while RON95-III gasoline increased by 133 VND/liter, to 19,698 VND/liter.
Diesel oil price increased the most by 284 VND/liter, currently at 17,420 VND/liter. Kerosene also increased by 176 VND/liter, to 17,284 VND/liter. Only fuel oil 180CST 3.5S was the only product to be adjusted down, down 86 VND/kg to 16,178 VND/kg.
This is the most recent adjustment and is still in effect as of June 10. The increase in world oil prices in recent sessions may affect the next adjustment of domestic retail prices.
