Global oil prices edge up while buying activity slows due to U.S. holiday. Domestic fuel prices continue to drop sharply, with RON95 gasoline down to 20,000 VND/liter.
Global Oil Prices
Global oil prices edged up slightly in Thursday’s session (Nov 27) as investors monitored the potential progress of negotiations aimed at ending the conflict in Ukraine. However, market liquidity remained low due to the Thanksgiving holiday in the United States.
At the end of the session, Brent crude rose by USD 0.21, or 0.33%, to USD 63.34 per barrel. WTI crude increased by USD 0.45, or 0.77%, to USD 59.1 per barrel.
According to Ole Hvalbye, commodity analyst at SEB, the market is torn between expectations and skepticism regarding efforts to restart peace talks in Ukraine.
Ukrainian President Volodymyr Zelensky said U.S. and Ukrainian delegations will meet this week to discuss the peace plan previously negotiated in Geneva, aiming to end the conflict and provide security guarantees for Kyiv.
Both sides are seeking to narrow differences related to U.S. President Donald Trump’s plan to end the conflict. However, Kyiv remains cautious about agreeing to an arrangement that leans toward Russia’s terms, including territorial concessions.
On the Russian side, President Vladimir Putin said the draft peace framework being exchanged between the U.S. and Ukraine could serve as a foundation for agreements to end the conflict. He also emphasized that fighting would cease if Ukrainian forces withdrew from key areas, while warning that Russia would use force to achieve its objectives if this did not happen.
According to Barclays, ongoing geopolitical developments, along with expectations of a potential ceasefire between Russia and Ukraine, have partly reduced supply concerns stemming from new U.S. sanctions targeting key Russian oil producers.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to maintain current output quotas at their upcoming meeting on Nov 30. Member countries are also expected to agree on a mechanism related to maximum production capacity.
Eight OPEC+ nations, which began gradually increasing output in 2025, are forecast to maintain their decision to pause output hikes in Q1 2026.
Oil prices were also supported by growing expectations that the U.S. Federal Reserve (Fed) will cut interest rates in December. Lower interest rates typically stimulate economic growth and boost energy demand.
“The market is entering the year-end period with low liquidity and limited catalysts, unless the Fed issues an unexpectedly hawkish signal at the Dec 10 FOMC meeting,” said Kelvin Wong, senior market analyst at OANDA.
He expects WTI crude prices to fluctuate between USD 56.8 and USD 60.40 per barrel through the end of the year.
Domestic Fuel Prices
Domestic retail fuel prices on Nov 28 are as follows:
| Product | Price |
|---|---|
| E5RON92 gasoline | Not higher than 19,288 VND/liter |
| RON95-III gasoline | Not higher than 20,009 VND/liter |
| Diesel 0.05S | Not higher than 18,800 VND/liter |
| Kerosene | Not higher than 19,473 VND/liter |
| Mazut 180 CST 3.5S | Not higher than 13,488 VND/kg |
The Ministry of Industry and Trade and the Ministry of Finance announced adjustments to domestic retail fuel prices effective from 3:00 PM on Nov 27. Accordingly, gasoline prices continued to drop sharply this cycle.
Specifically, E5RON92 decreased by 519 VND/liter, RON95-III decreased by 533 VND/liter, diesel dropped by 1,026 VND/liter, kerosene fell by 815 VND/liter, and mazut decreased by 251 VND/kg.
According to the Ministry of Industry and Trade, global fuel prices during this price adjustment period were influenced by several factors, including: the new U.S. proposal to end the military conflict between Russia and Ukraine; declining U.S. crude inventories, while gasoline and diesel inventories increased.
These factors caused global fuel prices in recent days to fluctuate depending on the product, though the general trend was downward.
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