Gasoline and oil prices continue to increase, Japanese Yen exchange rate drops sharply, some agricultural products fluctuate in price

World oil and gas prices continue to increase

In the world market,Gasoline priceToday (July 22) continued the upward momentum from the previous 2 sessions.

According to data from Oilprice, at 9:40 p.m. on July 21 (Vietnam time), Brent oil price was at 80.43 USD/barrel, up 0.79 USD, equivalent to 0.99% compared to the previous session. WTI oil price was at 76.56 USD/barrel, up 0.91 USD, equivalent to 1.2% compared to the previous session.

Oil prices rose as investors expected China to soon roll out more economic stimulus measures, along with falling US crude inventories and tightening supplies, analysts said.

In addition, oil prices increased due to a decrease in crude oil reserves in the US - the world's leading oil consumer. The US Energy Information Administration (EIA) said that US crude oil reserves decreased last week, supported by increased crude oil exports and increased refinery output. Production cuts in Saudi Arabia have made US crude oil supplies more attractive.

Supply cuts by the world’s largest oil exporters also lifted prices. Russia said it would cut oil exports by 500,000 barrels per day in August. Saudi Arabia also extended its voluntary production cuts of 1 million barrels per day until August.

Analysts at ANZ Bank said supply cuts by Saudi Arabia and Russia had helped push oil prices back up this month.

Japanese Yen exchange rate drops sharply at banks

Exchange rateJapanese YenOn the morning of July 22, all banks decreased sharply:

At Vietcombank,Vietcombank's Japanese Yen exchange rate is 162.10 VND/JPY and the selling rate is 171.61 VND/JPY, down 3.01 VND and 3.18 VND respectively; At Vietinbank, the Yen exchange rate decreased by 1.91 VND in both buying and selling directions, equivalent to 162.66 VND/JPY and 172.36 VND/JPY; At BIDV, the Japanese Yen exchange rate is 163.02 VND/JPY for buying and 171.69 VND/JPY for selling - down 2.48 and 2.65 VND respectively....

Some other banks decreased by 0.59 to 0.61 VND respectively.

Domestic coffee prices drop sharply

Domestic coffee prices on July 22 in the Central Highlands provinces decreased by VND1,200/kg, currently fluctuating from VND64,900 - VND65,700/kg.

Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province, in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 64,800 - 64,900 VND/kg.

Coffee prices in Gia Lai and Kon Tum provinces decreased by VND1,200, currently at VND65,300/kg.

Today's coffee price in Dak Lak province, in Cu M'gar district, is currently at 65,400 VND/kg. In Ea H'leo district, Buon Ho town, the price is also 65,500 VND/kg.

In Dak Nong province, coffee was purchased at the highest price of 65,700 VND/kg.

According to the Vietnam Coffee and Cocoa Association (VICOFA), it is forecasted that from now until the end of the year, coffee exports will still be favorable as demand increases while supply does not improve. It is forecasted that this year's coffee output will decrease by 10% - 15%/year due to unfavorable weather.

However, not only farmers but also some exporting enterprises said that they did not benefit from the increase in coffee prices. The current volatile coffee market situation, especially the high financial costs, makes Vietnamese enterprises not dare to stockpile goods.

In 2022, coffee export turnover exceeded 4 billion USD, many forecasts say that in 2023, coffee exports can maintain the above record.

Rice prices continue to increase

Rice prices today (July 22), in the Mekong Delta region continue to increase. Accordingly, at An Giang warehouse, IR504 rice price is beingtraderPurchase price is 6,700 - 6,900 VND/kg, an increase of 100 VND/kg. For the remaining rice varieties, prices remain stable.

In the export market, rice export prices have slowed down after an upward adjustment session. Specifically, 5% broken rice is traded at 533 USD/ton; 25% broken rice is at 513 USD/ton. The world rice market is greatly affected by the Indian government's decision to ban rice exports.

Currently, businesses and traders in the region are stepping up purchasing activities to ensure supply according to export contracts. However, the situation of high rice prices means that the amount of rice purchased in the warehouses of businesses is relatively small. Moreover, with positive signs from rice exports, the price of rice in the region has increased, leading to an increase in domestic rice prices. The pressure is difficult for export businesses at this time when there is not enough supply in the warehouse to meet the previously signed contracts.

Many businesses said that the prices of some rice varieties such as Dai Thom 8, OM 18, IR 50404 have increased by an average of VND1,000/kg. IR 50404 rice is running out of supply, Dai Thom 8 rice is sold wholesale at agents for VND13,000-13,500/kg, and retail for consumers for VND14,000-14,500/kg. Although the peak harvest season is coming, rice prices are expected to remain high and unlikely to fall below VND6,500/kg./.