Commodity market: Brent oil price approaches $80/barrel mark

Yesterday, money continued to flow into the world's raw material market, notably Brent oil price approached the 80 USD/barrel mark.

The Vietnam Commodity Exchange (MXV) said that at the close, the MXV-Index extended its increase to the fifth consecutive session with nearly 0.5% to 2,319 points.

Industrial raw material market is quiet due to US market holiday.

Source: MXV

Many items in the industrial raw materials market are temporarily suspended due to the US market's Juneteenth holiday.

Robusta coffee prices continued to decrease slightly by 0.1%, falling to $3,887/ton. Overall, since the beginning of the week, this commodity has lost nearly 10% of its value due to great pressure from the prospect of abundant supply.

Impressive export figures for this coffee have caused prices to fall sharply in many sessions.

According to Cecafe data as of June 13, Brazil's Robusta coffee exports reached 173,600 bags, a sharp increase of 275% compared to May. It is forecasted that the country's coffee exports in June will reach about 2.7 million bags, of which Robusta accounts for 20%.

The energy market trades only two commodities. Source: MXV

In the energy market, the rise in oil prices continued to expand as tensions in the Middle East escalated.

At the end of the trading session, Brent crude oil price climbed to 78.9 USD/barrel, corresponding to an increase of 2.8%. Meanwhile, WTI crude oil traded quite quietly on the NYMEX floor due to the floor closing early. Oil price stood at 75.8 USD/barrel, corresponding to an increase of about 0.88%.

Israel-Iran tensions have raised the risk of disruption of energy supplies from Iran and many areas in the Gulf.

Many forecast higher oil prices. Goldman Sachs has set a geopolitical risk premium of $10 a barrel and believes oil could climb above $90 a barrel depending on the extent of the damage caused by the conflict.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-brent-ap-sat-moc-80-usd-thung-706160.html