Gasoline price today July 5: Slight decrease 'waiting' for news on OPEC+ production

World oil prices fell slightly as they 'awaited' the results of the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) scheduled to be postponed to today (July 5) with the decision to increase production in the coming months. However, by the end of the week, the prices of both benchmark oil types increased.

On the morning of July 5, gasoline prices fell slightly across the board during the weekend trading session. Accordingly, Brent crude oil fell 71 cents, or 1%, to $68.51 per barrel; WTI crude oil lost 50 cents, or 0.75%, to $66.50 per barrel.

Due to the trading session falling on the US Independence Day holiday, trading volume was quite low, according to analysts.

However, for the whole week, according to MarketWatch, WTI oil price increased about 2.2%, Brent oil increased about 3.3%.

According to Reuters, OPEC+ member countries are expected to meet a day earlier on Saturday (July 5) to discuss the possibility of increasing production by 411,000 barrels/day in August to expand market share. If as expected, it will mark the fourth consecutive month of OPEC+ adjusting production up.

Domestic gasoline prices have just dropped sharply, bringing RON95 gasoline prices below 20,000 VND/liter (PHOTO: NHAT THINH)

Analysts say that OPEC+'s policy of continuously increasing production, combined with the lack of demand growth, could change the global oil supply-demand balance in the second half of the year. Oil inventories will increase rapidly.

In other developments, crude oil prices were also pressured by a report on the US news website Axios, which said the US is planning to resume nuclear talks with Iran next week. In addition, global trade tensions continue to overshadow the market. The 90-day deadline for the US to suspend tariff increases is approaching, while negotiations on a tax agreement between the EU and the US have not made significant progress.

EU diplomats said the bloc could seek to extend the current deal to avoid tariff escalation. Barclays, a financial institution (UK), has just raised its Brent oil price forecast by $6, to $72/barrel for 2025, and by $10, to $70/barrel for 2026. The reason given is "improved oil demand prospects".

Domestically, retail prices of popular gasoline products on the market on July 5 are as follows: E5 RON92 gasoline is priced at VND 19,445/liter, RON95-III gasoline is VND 19,906/liter, 0.05S diesel is VND 18,408/liter, kerosene is VND 18,132/liter and 180CST 3.5S fuel oil is VND 15,807/kg.

Updated data to date shows that the reference price of finished petroleum products on the Singapore market is about 200 - 300 VND/liter higher than the domestic selling price./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-572025-giam-nhe-ngong-tin-san-luong-cua-opec-185250705085952051.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-05-7-giam-nhe-ngong-tin-san-luong-cua-opec--a198181.html