According to the Vietnam Commodity Exchange (MXV), a cautious sentiment prevailed in the world raw material market during the first trading session of the week, July 14. Notably, red suddenly returned to the energy market, with 4/5 commodities simultaneously decreasing in price.
According to MXV, strong selling pressure dominated the energy market in the first trading session of the week. At the end of the trading session, Brent oil price stopped at 69.2 USD/barrel, corresponding to a decrease of 1.63%. WTI oil price also recorded a decrease of up to 2.15%, falling to 66.98 USD/barrel.
This reality was repeated on July 15 when 4/5 energy group commodities weakened. At the end of the session, both major crude oil commodities decreased slightly by less than 0.3%. Specifically, Brent oil price stopped at 68.52 USD/barrel, corresponding to a decrease of 0.28%; while WTI oil price recorded a decrease of 0.21%, down to 66.38 USD/barrel.
Oil prices fell from last weekend as investors became more cautious ahead of US President Donald Trump's latest remarks on tax policy.
Accordingly, earlier this week, Mr. Donald Trump announced a 100% tax on countries that trade with Russia and expressed disappointment about the not-so-optimistic negotiation situation surrounding the Russia-Ukraine conflict.
This raised market concerns about escalating tensions in Eastern Europe, pushing oil prices higher in morning trading.
On the other hand, crude oil prices continued to face pressure from weak supply signals and signals about fuel demand in the US.
According to the latest report from the US Energy Information Administration (EIA), as of July 11, gasoline and oil inventories in the US increased by 3.4 million barrels, despite the fact that supply from refineries decreased by more than 800,000 barrels.
This raises concerns about gasoline and oil consumption by Americans during the peak travel season.
However, on Thursday (July 17), green spread across the world's raw material market, with oil prices recovering, approaching the $70/barrel mark.
Specifically, WTI oil price recorded an increase of up to 1.75%, stopping at 67.54 USD/barrel, Brent oil price also approached the threshold of 70 USD/barrel, climbing to 69.52 USD/barrel, corresponding to an increase of about 1.46%.
The main driver supporting the sharp increase in oil prices in recent sessions comes from concerns about supply disruptions in Iraq - the country with the second largest crude oil production in the OPEC group.
Drone attacks on oil fields in the semi-autonomous Kurdish region have caused a series of projects to be suspended, thereby reducing daily oil production in the region by more than half.
Regional tensions continue to escalate as relations between Israel and Syria become strained.
The situation in the Gaza Strip as well as the risk of maritime insecurity in the Red Sea have threatened freedom of navigation and increased risk pressure on international trade flows.
Source: https://hanoimoi.vn/gia-dau-tang-giam-truoc-tac-dong-cua-cang-thang-dia-chinh-tri-709572.html
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