Commodities Market: Crude Oil Prices at Highest Since Early April

Energy commodity market is on the rise. Source: MXV

According to the Vietnam Commodity Exchange (MXV), at the end of yesterday's trading session, the energy market witnessed a strong increase in both crude oil products.

Closing, Brent crude oil price climbed to 69.77 USD/barrel, equivalent to an increase of about 4.34%. Similarly, WTI crude oil price jumped 4.88%, to 68.15 USD/barrel. Both of these prices are the highest since early April.

The market's biggest concern since last weekend has been the results of high-level trade talks between the US and China.

Accordingly, the US will impose a 55% tax on goods imported from China, while China will maintain a 10% tax on US goods.

This positive news has supported market sentiment and contributed to boosting oil prices, as both the US and China are the world's two largest economies and oil demand sources.

However, the impact of the agreement on the market remains limited, as investors remain cautious about the prospect of a comprehensive and sustainable long-term trade deal.

Agricultural commodity market plummets. Source: MXV

According to MXV, corn and soybean prices started positively, continuing the increase from the previous session thanks to expectations of progress in US-China trade negotiations.

However, increasing technical selling pressure at the end of the session caused many commodities to reverse and plummet. Corn prices ended the session down 0.4% to $172/ton, while soybeans fell 0.69% to $386/ton.

In terms of seasonal factors, weather conditions in the US Midwest are quite favorable for crop growth, signaling high yield potential this year.

According to the latest USDA report, US farmers have nearly completed planting corn and soybeans, with 97% of corn acreage and 90% of soybean acreage planted as of June 8.

Meanwhile in Brazil, consultancy AgRural forecasts corn production this year could reach 128.5 million tonnes, up sharply from 124.8 million tonnes in its previous report, thanks to favorable weather conditions and improved yields in many key producing states.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-tho-cao-nhat-ke-tu-dau-thang-4-705309.html