Commodity market: Oil price falls to near $60/barrel

The Vietnam Commodity Exchange said that the world's raw material market was deep in red, with oil prices continuing to plummet to nearly $60 per barrel.

Closing, the MXV-Index decreased 2.63% to 2,200 points - extending the decline to the third consecutive session.

Energy commodity market cools down. Source: MXV

Yesterday's trading session witnessed a sharp decline in the energy market, when all 5 key commodities in the group fell sharply.

At the end of the session, both Brent and WTI crude oil prices recorded a decrease of more than 6%. WTI crude oil price fell to 64.37 USD/barrel, down 6.04%, while Brent crude oil price also fell below the 70 USD/barrel threshold, stopping at 67.14 USD/barrel, losing 6.07%.

These are the lowest prices for both items in the past two weeks.

The main driver behind the sell-off in the oil market came from signs of easing tensions between Israel and Iran after a ceasefire agreement was reached.

This move helps the market ease concerns about the possibility of supply disruptions from many Gulf countries such as Saudi Arabia, Iraq or Iran itself.

Industrial raw material market prices fall sharply. Source: MXV

The industrial raw materials market also did not escape the general trend when most key products in the group simultaneously decreased sharply.

Of which, Arabica coffee price decreased by more than 4.6% to 6,864 USD/ton, Robusta coffee price also turned around and lost more than 5.6% to 3,682 USD/ton. Abundant supply continues to put great pressure on coffee prices.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-xuong-gan-vung-60-usd-thung-706681.html