Commodities Market: Oil Prices Weaken, Soybeans Drop Sharply

Energy commodity markets weaken. Source: MXV

According to MXV, all five commodities in the energy group fell sharply. Of which, the prices of two crude oil commodities simultaneously weakened by more than 2% to 61.6 USD/barrel for WTI oil and 64.5 USD/barrel for Brent oil.

Concerns gripped the market as news of oil supplies from Iran added to the pressure of oversupply in the global market.

In addition, the decline in oil prices was also fueled by the statement of the Chairman of the US Federal Reserve (FED) Jerome Powell reaffirming the target of controlling inflation at 2% and expressing the view of maintaining high interest rates at 4.5%, despite inflation indicators such as CPI and PPI recently showing a more stable trend.

Keeping interest rates high not only pushes the US dollar up sharply but also slows down the US economic recovery, thereby negatively affecting the outlook for global crude oil demand.

Agricultural commodity market increases and decreases alternately. Source: MXV

In the agricultural market, soybean prices fell sharply by nearly 2.5% to $386/ton, ending a streak of five consecutive increases and marking the first correction after a strong recovery period.

Although sales for the new crop reached nearly half a million tons, it was still not enough to support prices amid overwhelming selling pressure.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-suy-yeu-dau-tuong-giam-manh-702429.html