Oil prices extended their decline for a third consecutive session.

In particular, the strong upward trend of industrial raw materials led the overall market trend. The MXV-Index recovered 0.67% to 2,269 points.

Cocoa prices have risen sharply.

Cocoa prices surged by 5.78% as current market supply remains tight. From the start of the 2023-2024 season until July 7th, only 1.61 million tons of cocoa were shipped to Ivory Coast ports, a sharp 29% decrease compared to the same period of the previous season. The consulting firm Trader Ecom Agroindustrial has lowered its forecast for the country's 2023-2024 cocoa production to its lowest level in eight years, at 1.75 million tons, a 21.5% decrease compared to the same period of the previous season.

Industrial raw material price list

Oil prices extended their decline for a third consecutive session.

At the close of trading yesterday, world oil prices weakened for the third consecutive session, due to reduced supply risks from the US. At the end of the day, WTI crude oil fell 1.12% to $81.41 per barrel, while Brent crude oil fell 1.27% to $84.66 per barrel.

Energy price list

Traders said that supply disruptions from Hurricane Beryl were limited. While some offshore U.S. production sites were evacuated, ports closed, and refining activity slowed, major refineries along the U.S. Gulf Coast appeared to be relatively unaffected after Hurricane Beryl weakened into a tropical depression. Major Texas oil shipping ports were set to reopen on Tuesday after being forced to close earlier. Several operators, such as Marathon Petroleum, said they were also preparing to restart their refineries.

In addition, investors reacted mixedly to comments from Federal Reserve Chairman Jerome Powell following his congressional testimony on Tuesday. Powell remarked that the economy was no longer overheating and the job market was cooling down. Despite hinting at the possibility of an upcoming interest rate cut, oil prices fell further after these remarks, as the weakening economy could hinder demand for crude oil.

In a similar vein, the US Energy Information Administration (EIA) also lowered its forecast for US GDP growth this year to 2.4% in its July Short-Term Energy Outlook report, 0.1 percentage point lower than its previous estimate.

However, the market's decline narrowed towards the end of the trading session as, despite lowering its US growth forecast, the EIA indicated the market would remain in a significant deficit in 2024, with the full-year deficit averaging 500,000 barrels per day, 100,000 barrels per day higher than its previous estimate. Specifically, the EIA revised global oil production for 2024 down to 102.4 million barrels per day from 102.6 million barrels per day, while supply growth remained unchanged at 1.1 million barrels per day.

In addition, early this morning, the American Petroleum Institute (API) reported that commercial crude oil inventories in the US fell by nearly 2 million barrels in the week ending July 5th, compared to market forecasts of a 0.7 million barrel decrease. This inventory pressure has therefore helped oil prices recover.

Prices of some other goods

Metal price list

Agricultural product price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-ngay-1072024-gia-dau-noi-dai-da-giam-sang-phien-thu-3-lien-tiep-331203.html