Crude oil prices fell by another 3.6%, but vegetable oil prices barely reacted to this globally

Yesterday, oil prices fell another 3.6% to a 16-month low, having already lost 11.3% in September on expectations of a decline in global energy demand and news of a slight increase in imports from China. Morgan Stanley also lowered (for the second time in two weeks) its forecast for Brent crude oil prices in the 4th quarter from $80 to $75 per barrel, which increased pressure on quotations. News from China was mixed for energy demand and crude oil prices. On the one hand, the country increased imports by 0.5% (y/y) in August, while expectations were for a 2.5% increase. On the other hand, exports grew by 8.7% (y/y) during this time, while expectations were for a 6.6% increase, the largest increase in 17 months. November futures for Brent crude oil fell by 3.6% to a 16-month low of $69.2 per barrel yesterday (-6.8% for the week, -17% for the month), and for US WTI crude oil – by 4.4% to $65.1 per barrel (-6.8%, -18.3%). Oil prices barely reacted to tropical storm Francine, which ...