Rising oil prices support the prices of vegetable oils globally

The intensification of Israel's military operation in the southern Gaza Strip city of Rafah and a clash between Egyptian and Israeli soldiers at a border post sent oil prices up 2.5% this week, supporting vegetable oil markets. July Brent oil futures on the ICE Futures exchange in London rose by 2.5% to $84.2/barrel in two sessions (+1.7% for the week, -3.6% for the month). An Egyptian soldier was killed in a clash with Israeli troops at a border crossing in the Gaza Strip, which may increase the escalation between the countries. In the Russian Federation, part of the refinery recovered after the UAV attacks, so oil processing in the first half of May increased compared to the corresponding period in April by 4% to 5.45 million barrels/day, Bloomberg reports. Markets are waiting for a meeting of OPEC+ members on June 2, at which they can agree to increase production volumes, which more and more countries are insisting on. July palm oil futures on Bursa yesterday rose immediately ...