Oil prices fall sharply after US tax announcement

Cautious sentiment has gripped global commodity markets, with oil prices falling sharply following the US tariff announcement.

According to the Vietnam Commodity Exchange (MXV), at the close of yesterday's trading session, the MXV-Index fluctuated around 2,230 points.

The energy commodity market is dominated by red. Source: MXV

According to MXV, strong selling pressure dominated the energy market yesterday as investors were cautious about US tax policy.

At the end of the trading session, Brent oil price stopped at 69.2 USD/barrel, corresponding to a decrease of 1.63%. WTI oil price also recorded a decrease of up to 2.15%, falling to 66.98 USD/barrel.

Yesterday, US President Donald Trump announced a 100% tariff on countries that trade with Russia.

This raised market concerns about escalating political tensions in Eastern Europe, pushing oil prices higher in morning trading.

In addition, global trade tensions are also a factor that continues to put pressure on oil prices as the wave of protests against new US tariff policies spreads in Europe.

The market for industrial raw materials is struggling. Source: MXV

Divergence and tug-of-war were clearly evident in the industrial raw materials market in yesterday's trading session.

Closing, MXV-Index of industrial materials - an index measuring price fluctuations of the group - increased by 2% to 2,571 points, leading the uptrend of the whole market.

However, the two sugar products continued to attract attention when they reversed and decreased. At the end of the session, the price of raw sugar 11 for October delivery decreased by 1.63% to 359 USD/ton. The October white sugar contract also decreased by 1.84% to 470 USD/ton.

Weak consumption remains an important factor that makes it difficult for the sugar market to increase prices again. Notably, according to experts, the sugarcane harvest index in India is at a positive level and the weather in Thailand is currently quite favorable for the development and growth of sugarcane. This contributes to maintaining the world supply.

According to the Vietnam Sugarcane and Sugarcane Association (VSSA), the domestic sugarcane crushing season has basically been completed, with a total output of more than 1.2 million tons of sugar. However, the current inventory exceeds 70% of the total output - a record level in the history of the industry due to difficulties in sugar consumption.

Source: https://hanoimoi.vn/gia-dau-giam-manh-sau-thong-bao-thue-cua-my-709116.html