Gasoline price today 5/5/2025: Crude oil drops sharply
Oil prices today, May 5, 2025: World crude oil prices fell sharply by more than 2 USD per barrel in the morning session on May 5 when OPEC+ announced it would accelerate production increases.
At 7:20 a.m. Vietnam time, Brent crude for July delivery fell to $59.23 a barrel and WTI crude for June delivery fell to $56.17 a barrel. Both types of oil fell to their lowest levels since April 9.
OPEC+ agreed to increase production by 411,000 barrels per day in June, bringing the total increase in the second quarter to nearly 1 million barrels per day, according to analysts, adding to expectations that the oil market is tilting towards a surplus. OPEC+ could also completely eliminate voluntary cuts between now and the end of October if members, including Iraq and Kazakhstan, fail to comply with their production quotas.
In response, Barclays has lowered its Brent crude price forecast to $66 a barrel for 2025 and $60 a barrel for 2026 due to the impact of the early lifting of production restrictions. Meanwhile, tensions in the Middle East continue to escalate after the Israeli Prime Minister's announcement of retaliation against Iran, causing further market volatility.
In the domestic market, from 3 p.m. on April 24, the Ministry of Industry and Trade - Ministry of Finance adjusted gasoline prices. Accordingly, the price of E5 RON 92 gasoline increased to 19,238 VND/liter, RON 95-III to 19,638 VND/liter, while diesel and kerosene also increased slightly. The price of fuel oil increased to 16,524 VND/kg. These prices reflect the adjustment trend according to world oil prices.
