Brent and WTI oil prices both increased by more than 4%

The Vietnam Commodity Exchange (MXV) said that after 4 sessions of decline, green has returned and covered the entire world raw material market. Closing, the MXV-Index increased by more than 1.5%, to 2,124 points.

Notably, oil prices rebounded strongly and escaped the four-year low after US President Donald Trump announced a delay in imposing tariffs. In addition, the US's new tariff policy also contributed to supporting soybean prices to extend their upward momentum into the third session.

MXV-Index

Energy price index increased more than 3%

According to (MXV), the energy price index recorded an impressive increase of more than 3% in yesterday's trading session.

Both Brent and WTI crude oil prices increased by more than 4%. Brent crude oil price reached 65.48 USD/barrel, equivalent to an increase of 4.23%; while WTI crude oil price returned to above 60 USD/barrel, recording an increase of 4.65% and stopped at 62.35 USD/barrel.

Brent and WTI oil prices both increased by more than 4%

Energy price list

The energy market is facing supply uncertainties. The Keystone oil pipeline from Canada to the US was forced to stop operations after a leak near Fort Ransom, North Dakota, bordering Canada. The pipeline has a capacity of 600,000 barrels per day. Shortly after, the US Pipeline and Hazardous Materials Safety Administration warned of an increase in the frequency of incidents related to this pipeline.

Meanwhile, a new bill introduced by two senators from both the Democratic and Republican parties yesterday would pave the way for new sanctions against the ghost fleet accused of transporting oil from Russia, evading existing sanctions from Western countries.

Soybean prices rose for the third consecutive session.

The US’s postponement of reciprocal tariffs on more than 75 countries also boosted the rise of most agricultural products in yesterday’s trading session. In particular, the soybean market continued to record its third consecutive price increase with an increase of about 2% to 372 USD/ton, marking the strongest increase in more than two and a half months.

Brent and WTI oil prices both increased by more than 4%

Agricultural product price list

In addition, last night, in the Daily Export Sales report, the US Department of Agriculture (USDA) announced that an order of 198,000 tons of soybeans for delivery in the 2024-2025 crop year had been signed with an unnamed country. This is the first sales announcement in about a month since March 10, showing that demand for US soybeans remains stable despite escalating trade tensions.

Concerns about supply disruptions in Argentina have also supported soybean prices. Ships carrying grain and industrial agricultural products will not be able to dock or leave Argentina's Rosario port hub on Thursday (April 10) due to a nationwide strike by the central labor union in protest against government policies, according to the president of the CAPyM Chamber of Private Ports. As one of the world's largest soybean exporters, the blockade of Argentina's ports has raised concerns about a sharp drop in supplies from the country, helping to support prices.

Soybean meal and soybean oil also rose sharply yesterday. Soybean oil prices rose sharply on the back of a rebound in energy markets and positive news from the proposed U.S. biodiesel blending cap of 5.25 billion gallons – 64% higher than the current level. Soymeal prices also rose slightly on concerns about export disruptions in Argentina.

Prices of some other goods

Brent and WTI oil prices both increased by more than 4%