Crude oil market experiences bearish week

Last week, green dominated the agricultural market. Source: MXV

This information, along with US Treasury Secretary Scott Bessent's announcement that China will import 12 million tons of soybeans in the 2025–2026 crop year and commit to maintaining 25 million tons/year for the next three years, helped push soybean prices above the $400/ton mark in the October 30 session, marking a volatile but positive trading week for this staple agricultural commodity.

However, this purchase volume is still lower than the 22.5 million tons of the previous crop year, making investors more cautious about actual demand.

According to MXV, the US soybean export volume in the last week of October reached only 1.06 million tons, down more than 33% compared to the previous week and lower than the same period last year. Along with the harvest progress reaching 84%, abundant short-term supply makes it difficult for prices to maintain a strong upward momentum.

MXV believes that November soybean prices are likely to remain around $400/ton if trade commitments are implemented on schedule; however, if supply from Brazil increases, prices may return to a technical correction trend.

Crude oil market just experienced a week of price decline. Source: MXV

On the other hand, Brent oil price decreased by 1.3% over the past week to 65 USD/barrel, WTI oil decreased by 0.8% to 60.9 USD/barrel due to concerns about oversupply and cautious sentiment after the US-China agreement.

OPEC+'s announcement of a possible increase in production in December and its readiness to compensate for the production shortfall from Russia helped ease investors' concerns about supply disruptions.

MXV believes that the energy market will continue to struggle in the short term as expectations of demand recovery are balanced by strong supply pressure.

Source: https://hanoimoi.vn/thi-truong-dau-tho-trai-qua-tuan-giam-gia-721937.html