Gasoline prices today May 12: Slight increase thanks to expectations from US-China negotiations
Oil prices today, May 12: Crude oil prices continued to increase slightly as the market reacted positively to positive results from trade negotiations between the US and China.
Specifically, at 11:00 a.m. Vietnam time, Brent oil price increased by 0.52% to 64.26 USD/barrel. US WTI oil also increased slightly by 0.54% to 61 USD/barrel.
Earlier, at the end of the week on May 11, Brent oil prices increased by 1.7% to 63.91 USD/barrel, while WTI oil increased by 1.85% to 61 USD/barrel. Both commodities increased by more than 4% for the whole week, showing that the recovery trend is maintained.
The positive development was largely due to optimism after the announcement of "important progress" in a high-level trade meeting between the world's two largest economies in Switzerland, raising expectations of an improvement in global oil demand.
On May 11, the US and China concluded important trade negotiations with positive results. The two sides said they would issue a joint statement in Geneva on Monday, opening up new expectations for global energy and trade markets.
Meanwhile, US oil and gas supplies continued to decline. According to a report from energy services company Baker Hughes, the number of oil and gas rigs in the US fell by 6 units to 578 in the week ending May 9, the lowest since January. Of which, the number of oil rigs decreased by 5 to 474, while the number of gas rigs remained unchanged at 101.
In the Gulf of Mexico, the rig count fell to nine, the lowest since September 2021. The Permian region also saw a decline, with the total rig count falling to 285, the lowest since late 2021.
The decline reflects a cautious strategy by U.S. energy companies, which have prioritized maximizing shareholder returns and paying down debt over expanding production under pressure from falling oil and gas prices. The total rig count fell about 5% in 2024 and was down 20% in 2023.
However, the US Energy Information Administration (EIA) still forecasts US crude oil production to reach 13.4 million barrels per day in 2025, up from a record 13.2 million barrels per day in 2024. However, this figure has been revised down from the previous forecast due to concerns about a global economic slowdown, especially when the US imposes high taxes, affecting the outlook for energy consumption.
On the afternoon of May 8, the Ministry of Industry and Trade and the Ministry of Finance announced an adjustment to domestic retail gasoline prices. Accordingly, prices of major commodities decreased simultaneously.
Specifically, E5 RON92 gasoline decreased by 377 VND/liter, to a maximum of 18,777 VND/liter. RON95-III gasoline decreased by 407 VND/liter, to 19,179 VND/liter. Diesel oil was also adjusted down by 550 VND/liter, to 16,809 VND/liter. Kerosene decreased by 623 VND/liter, to 16,941 VND/liter.
Mazut oil 180CST 3.5S decreased by 653 VND/kg, currently has a maximum price of 15,533 VND/kg.
These prices are officially effective from 3:00 p.m. on May 8.
