Oil prices turn weak amid concerns about oversupply

Red continued to dominate the first trading session of the week, in which oil prices turned to weaken due to concerns about oversupply.

The Vietnam Commodity Exchange (MXV) said that at closing, the MXV-Index decreased by more than 0.6% to 2,198 points - the lowest level in the past week.

The energy and industrial raw materials market continues to attract the attention of domestic and international investors as many commodities simultaneously decrease in price.

Energy commodity market has many items falling in price. Source: MXV

According to MXV, selling pressure prevailed in the energy market. In particular, the prices of two crude oil products reversed and decreased due to concerns about oversupply.

Specifically, the price of WTI oil decreased by 0.63%, down to 65.11 USD/barrel. Meanwhile, the price of Brent oil contract for August, which expired yesterday, closed the session down about 0.2%, down to 67.61 USD/barrel.

Currently, the price of Brent oil futures for September delivery is temporarily at 66.74 USD/barrel, corresponding to a decrease of 0.09%.

Notably, yesterday, a series of news sites reported on the possibility of OPEC+ continuing to increase production in August, with an expected increase of 411,000 barrels/day.

If this plan is approved at the OPEC+ meeting scheduled for July 6, the total increase in production of this group from the beginning of 2025 will reach 1.78 million barrels/day, equivalent to more than 1.5% of total global oil consumption.

The industrial raw material commodity market is dominated by red.

Source: MXV

According to MXV, the industrial raw material market did not escape the general trend when 7/9 items closed in red. Notably, the prices of two sugar items both fell sharply.

Specifically, the price of raw sugar 11 hit its lowest level in more than 4 years, losing 3.05% to 357 USD/ton, while the price of white sugar also recorded a decrease of 2.43%, to 473 USD/ton.

Surplus supply continues to put strong pressure on sugar prices in the international market.

According to the latest forecast from CZ insight, global sugar production in the 2025-2026 crop year is expected to reach 185.9 million tons, up 5.3% from the previous crop year and the second highest level in history.

Meanwhile, global sugar demand is forecast to fall by 1.1 million tonnes, resulting in a supply-demand surplus of 7.5 million tonnes - the largest surplus since the 2017-2018 crop year.

Source: https://hanoimoi.vn/gia-dau-quay-dau-suy-yeu-truoc-lo-ngai-du-thua-nguon-cung-707539.html