Oil prices fell for three consecutive sessions.

At the close of trading, Brent crude fell $1.74 per barrel to $69.30 per barrel, while WTI crude lost $1.95 per barrel, closing at $66.31 per barrel.

The Vietnam Commodity Exchange (MXV) reported that after eight consecutive sessions in the red, the global commodity market rebounded yesterday (March 5th). Buying pressure dominated, pushing the MXV-Index up nearly 0.6% to 2,270 points. The metals market saw a surge in COMEX copper prices, rising 5.2% to over $10,500 per ton – the highest level since May last year. Conversely, crude oil prices fell sharply following the EIA inventory report.

Giá dầu thế giới giảm ba phiên liên tiếp

MXV-Index

Money is flowing back into the metals market.

According to MXV, strong buying pressure emerged in the metals market at the close of yesterday's trading session amid tightening US tariffs, raising concerns about supply disruptions.

At closing, silver prices rose 2.34% to $32.86 per ounce, marking their third consecutive day of gains. Platinum also edged up 0.3% to $974.8 per ounce, supported by concerns about supply shortages this year.

Metal price list

In the precious metals market, capital continues to flow strongly due to increased safe-haven demand. Concerns are not only about retaliatory measures from major US trading partners, particularly China, but also about the possibility of serious disruptions to global supply chains caused by Washington's tariff policies.

Meanwhile, the World Platinum Investment Council (WPIC) forecasts a global platinum market deficit of 848,000 ounces this year, a more severe shortfall than previously estimated. This is primarily due to declining recycling supply and low mining output in South Africa. Although the market still faces the risk of declining demand due to US tariffs, concerns about supply shortages supported a rise in platinum prices yesterday.

On the other hand, data from the Institute of Supply Management (ISM) showed that the US non-manufacturing PMI rose to 53.5 in February, higher than the expected 52.5. This indicates that the US economy is still growing. However, inflationary pressure in the services sector continues to mount, with the price index reaching 62.6 in February, higher than the 60.4 in January. This marks the first time since March 2023 that the index has recorded three consecutive months above 60%. The continued rise in inflation in the services sector reinforces the view that the Federal Reserve (FED) may maintain its tight monetary policy for longer. This could be a factor supporting precious metal prices in the long term, as investors seek safe havens against prolonged inflation risks.

In addition, the base metals group also attracted attention as the COMEX copper price recorded an impressive increase of 5.21%, reaching $4.79 per pound (equivalent to $10,568 per ton), hitting its highest level since the end of May 2024. The main driving force came from concerns about the new US tax policy.

In his speech to Congress on March 4th, US President Donald Trump proposed a 25% tariff on imported copper. This move triggered a surge in buying in the market, as investors anticipated further price increases due to potential contraction in domestic supply. According to the US Geological Survey (USGS), Chile, Canada, and Peru account for over 90% of total refined copper imports into the US in 2024; therefore, any trade barriers could significantly disrupt supply.

Oil prices continue to fall.

At the close of trading yesterday, world oil prices recorded their third consecutive day of decline, falling by more than 2%.

Specifically, Brent crude oil prices fell by $1.74 per barrel (equivalent to 2.45%), to $69.30 per barrel, while WTI crude oil lost $1.95 per barrel (equivalent to 2.86%), closing at $66.31 per barrel.

Energy price list

The decline in oil prices is believed to be a consequence of previous economic policies, including the US imposing a 25% tariff on imported goods from Canada and Mexico, along with the OPEC+ decision to increase production in April. Forecasts suggest that these tariffs and retaliatory measures could slow US GDP growth by approximately 100 basis points, leading to a decrease in global oil demand of around 180,000 barrels per day.

The global crude oil market is also under pressure as the latest data shows that US crude oil inventories rose more sharply than expected last week, mainly due to scheduled maintenance at refineries. According to the US Energy Information Agency (EIA), crude oil inventories increased by 3.6 million barrels to 433.8 million barrels, far exceeding analysts' forecasts of 341,000 barrels.

Immediately after this information was released, oil prices plummeted to their lowest levels in two years. Brent crude fell to $68.33 per barrel, its lowest since December 2021, while WTI hit a low of $65.22 per barrel, its lowest level since May 2023.

However, oil prices have shown signs of recovery after US Commerce Secretary Howard Lutnick announced that the President may consider reducing tariffs on some industries this year. Accordingly, while the 25% tariff on Canadian and Mexican goods remains in place, the US may remove the 10% tariff on some energy products imported from Canada, including crude oil and gasoline, in order to comply with the provisions of the US-Mexico-Canada Trade Agreement (USMCA).

Despite the volatility, analysts at JP Morgan said global oil demand averaged 103.6 million barrels per day last month, up 1.6 million barrels per day compared to the same period last year. However, this figure was still lower than the bank's earlier forecast of a 1.8 million barrel per day increase.

Prices of some other goods