Commodities Market: Crude Oil Prices Hit Year-To-Date High

Green continues to prevail in the world's raw material commodity market, with crude oil prices at their highest since the beginning of the year.

The Vietnam Commodity Exchange (MXV) said that at the close, the MXV-Index extended its increasing streak to the fourth consecutive session, closing at 2,308 points, up slightly by nearly 0.2% compared to the previous session.

Energy commodity market is "bright green". Source: MXV

According to MXV, buying power dominated the energy market. In particular, WTI oil prices closed up 0.4% to 75.14 USD/barrel - the highest level since the beginning of the year. Meanwhile, Brent oil prices also recorded a slight increase of 0.33% to 76.7 USD/barrel.

Tensions between Israel and Iran continue and appear to be escalating on both sides. However, there have been no new reports of major disruptions to Iranian oil exports or shipping through the Strait of Hormuz, a vital route for the global oil industry. The threat of a blockade of the Strait of Hormuz is a major driver of higher energy prices.

Also yesterday, the US Energy Information Administration (EIA) announced that the week ending June 13 recorded a decrease of 11.5 million barrels in US commercial crude oil reserves. This is the fourth consecutive week of decline in US oil reserves, thereby supporting the upward momentum of oil prices.

Selling pressure dominates the market of industrial raw materials. Source: MXV

Contrary to the general trend, selling pressure continued to dominate the industrial raw material market, especially with two coffee commodities.

At the end of the session, Arabica coffee prices fell more than 3% to 7,105 USD/ton, the lowest level in the past 5 months, while Robusta coffee prices plunged 6.35% to 3,891 USD/ton, the lowest level in the past year.

Abundant supplies in Brazil are putting pressure on coffee prices as the country’s harvest enters its peak period, according to MXV. According to a report from the University of Sao Paulo, the Robusta coffee harvest in Brazil has reached nearly 50% completion, equivalent to the five-year average, and this year’s crop is expected to exceed 20 million bags.

In Vietnam, the world's No. 1 Robusta exporter, data from the Customs Department shows that coffee exports in May increased by 61% compared to the same period last year, reaching 148,700 tons. In the first 8 months of the 2024-2025 crop year, Vietnam's coffee exports reached about 1.12 million tons, thereby contributing to improving the global coffee supply.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-tho-cao-nhat-ke-tu-dau-nam-706041.html