WTI oil price turns up, coffee market differentiates

The world raw material market has mixed developments, with WTI oil prices turning up and the coffee market showing mixed developments.

According to the Vietnam Commodity Exchange (MXV), at the close of yesterday's trading session (July 1st), selling pressure prevailed, pushing the MXV-Index down by more than 0.1% to 2,195 points.

The market for industrial raw materials saw a widespread price decline. Source: MXV

The industrial raw materials market attracted attention as most items saw a simultaneous price decrease. However, the prices of coffee showed a divergent trend.

While Robusta coffee prices rose by more than 1.1% to $3,660 per ton, Arabica coffee prices continued to fall by more than 2.7% to $6,436 per ton.

The energy commodities market is experiencing positive buying pressure. Source: MXV

The energy market continued to fluctuate yesterday, with strong buying pressure on crude oil.

At the close of trading, Brent crude oil edged up slightly to $67.11 per barrel, a 0.55% increase. Similarly, WTI crude oil also rose 0.52%, to $65.45 per barrel.

This upward trend is primarily driven by investors' expectations for future global energy demand, particularly in China.

The resurgence of the world's second-largest economy , and the second-largest oil consumer globally, is expected to boost energy demand in the near future.

Conversely, oil prices continue to be pressured by the possibility of a significant increase in supply from OPEC+ as well as concerns about economic instability after July 9th.

Source: https://hanoimoi.vn/gia-dau-wti-quay-dau-tang-thi-truong-ca-phe-phan-hoa-707768.html