World vegetable oil prices fell on hopes for a diplomatic solution to Israel's conflict with the Gaza Strip

Published 2023년 10월 24일

Tridge summary

Oil prices, including Brent crude and palm oil, fell due to easing tensions in the Middle East and the postponement of military operations in the Gaza Strip. The UN and EU leaders called for a pause in the war between Israel and Hamas. Additionally, soybean oil prices dropped in Chicago due to increased US harvest rates and expectations of more soybean planting in Brazil. Ukraine may also see a decrease in sunflower oil production and exports in the future due to a decrease in deliveries through sea ports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

December Brent crude futures fell 2.5% to $89/barrel yesterday amid easing tensions in the Middle East. Because of a diplomatic mission to free hostages taken by Hamas, Israel has postponed an operation in the Gaza Strip, and Western countries are trying to stop the expansion of the war between Israel and Hamas. The UN called for a "humanitarian pause" in the war, which was supported by EU leaders. December palm oil futures on the Malaysian exchange, after rising 6% last week, fell 1% yesterday to 3,733 ringgit/t or $779/t (-0.7% on the week) as oil prices strengthened pressure on quotations of other vegetable oils. According to AmSpec Agri Malaysia and Intertek Testing Services, in the period from October 1 to 20, Malaysia increased the export of palm oil products by 7.9-9.9% compared to the same period in September, which supported palm oil prices. December soybean oil futures in Chicago fell 2.7% to $1,143/t yesterday (-10.6% on the month) as soybean prices eased under pressure ...

Source: Graintrade