Commodity markets: Oil prices hit two-week high

The world commodity market continued to be vibrant, with oil prices reaching a two-week high and cocoa prices falling sharply.

According to the Vietnam Commodity Exchange (MXV), the MXV-Index extended its increase to the 7th consecutive session, closing the day at 2,292 points, up 0.4%.

Red dominates the market of industrial raw materials.

Source: MXV

At the end of yesterday's trading session, the industrial raw materials market recorded overwhelming selling pressure with 5/7 items simultaneously decreasing in price. Notably, at the end of the session, cocoa prices lost more than 3.5% to 7,371 USD/ton.

According to MXV, favorable weather in major cocoa growing regions in recent times has increased expectations of a bumper cocoa crop, contributing to improved supply in the coming crop year.

Meanwhile, concerns about crude oil supplies from Russia continue to dominate energy market developments.

Green covers the energy commodity market. Source: MXV

Green covered all 5 items in the group. At the end of the session, both crude oil items marked the third consecutive increase.

Specifically, Brent oil price climbed to 68.47 USD/barrel, corresponding to an increase of 1.53%; while WTI oil price also recorded an increase of up to 1.93%, stopping at 64.52 USD/barrel. These are the highest prices in nearly two weeks for both commodities.

Most investors believe that the US Federal Reserve (FED) will cut its current relatively high interest rates. Lower interest rates are believed to support economic growth and increase energy demand.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-len-muc-cao-nhat-trong-hai-tuan-716310.html