Oil price today, May 16: Reversing to the upside, regaining the 70 USD/barrel mark
Today (May 16) the world oil price reversed to increase after a series of consecutive days of decline. The world oil price has regained the mark of 70 USD/barrel.
Indomestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of May 11 of the Ministry of Finance - Industry and Trade.
Specifically, the price of RON 95 gasoline is 21,000 VND/liter. The price of E5 gasoline is down to 20,130 VND/liter. The price of diesel is 17,650 VND/liter. The price of kerosene is 17,970 VND/liter.
Retail price of gasoline today:
| Item | Price from May 11 (unit: VND/liter) | Compared to the previous period |
| RON 95-III gasoline | 21,000 | - 1,320 |
| E5 RON 92-II gasoline | 20,130 | - 1,300 |
| Diesel | 17,650 | - 600 |
| Oil | 17,970 | - 550 |
Aboveworld market, gasoline prices today (May 16) reversed upward after a series of consecutive days of decline.
Yesterday (May 15), world oil prices continued to decline from last week at the beginning of the session, losing the 70 USD/barrel mark. However, by the end of the session, oil prices turned up.
Specifically, according to data from Oilprice, at 9:56 a.m. on May 15 (Vietnam time), Brent crude oil price fell to 73.68 USD/barrel, down 0.49 USD, equivalent to 0.66% compared to the previous session. Meanwhile, WTI oil price was at 69.62 USD/barrel, down 0.42 USD, equivalent to 0.6% compared to the previous session.
At 8:03 p.m. on May 15 (Vietnam time), Brent crude oil price reached 74.67 USD/barrel, up 0.5 USD, equivalent to 0.67% compared to the previous session. WTI oil price was at 70.38 USD/barrel, up 0.34 USD, equivalent to 0.48% compared to the previous session.
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Gasoline prices reverse upward (Photo: businesstoday) |
Analysts say oil prices rose due to concerns about tight supply and the prospect of increased demand.
Global crude oil supplies could tighten in the second half of this year as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) said in April that some member countries would cut production further, reducing existing crude supplies. According to Reuters calculations, OPEC+ will cut about 1.16 million barrels per day, thereby bringing the total reduction to 3.66 million barrels per day.
Meanwhile, fuel demand in the world’s top oil consuming countries is showing signs of improvement. A positive factor supporting oil prices is the US signalling a resumption of stockpiling activities.
US Energy Secretary Jennifer Granholm said on May 12 that the US government may buy oil to fill the country's strategic reserves after completing mandatory sales in June. The US will buy oil when prices remain at or below $67-72 per barrel.
The announcement came after a weekly report from energy services firm Baker Hughes Co showed the number of active U.S. oil rigs fell to its lowest since June 2022, while the country's gas rig count fell to its lowest level since April last year.
Oil prices were also supported by surging US gasoline demand ahead of the summer.
In addition, a recent OPEC report forecasts that the group’s crude oil demand from July to December will be 90,000 barrels per day higher than previously expected. Meanwhile, OPEC kept its forecast for global oil demand in 2023 unchanged, expecting economic risks to be offset by higher demand growth from China.
Oil prices fell for a fourth consecutive week last week, marking the longest weekly decline since September 2022, due to concerns that the US could fall into recession and China's post-Covid-19 economic recovery is slow.
