Rising oil prices support the prices of vegetable oils globally

Published 2024년 5월 29일

Tridge summary

Israel's military operation in Gaza and a clash with Egyptian soldiers at a border post have contributed to a 2.5% increase in oil prices this week. Brent oil futures rose to $84.2/barrel, and palm oil futures also saw a rise of 2.3%. Russian oil processing increased by 4-5.45 million barrels/day in the first half of May. OPEC+ is set to meet on June 2 to possibly increase production volumes. Meanwhile, Malaysia saw a increase in palm oil exports, while sunflower oil prices increased due to reduced supply and stronger demand from India. However, large oil stocks in the EU are reducing demand and prices for sunflower and soybean oil in Europe.

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

Original content

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 ...

Source: Graintrade