Speculative rise in crude oil prices supported vegetable oil quotes

the week, despite data on a decline in export growth in November and forecasts of an increase in palm oil inventories in Malaysia. Prices are supported by a speculative increase in January Brent crude futures by 3.6% over the last 4 sessions to $65/barrel (0% for the week, +6.6% for the month), caused by a possible escalation between the US and Venezuela and new sanctions on Russian crude oil by the EU. However, fundamental factors indicate that crude oil prices should decline. Thus, OPEC revised its estimates of the world crude oil market for the third quarter from a deficit of -400 thousand barrels/day to a surplus of +500 thousand barrels/day, as US production exceeded expectations and OPEC members also significantly increased crude oil production in 2025. Sanctions on Russian crude oil have led to an increase in the discount on Russian Urals crude oil to $10-20/t relative to Brent, which will also put pressure on world crude oil prices. December soybean oil futures on the ...