Speculative growth in oil prices has supported quotations on the vegetable oil market, but fundamental factors will continue to put pressure on prices.

The rise in prices for soybeans and soybean oil in Chicago, as well as a slight speculative increase in oil prices, halted the decline in palm oil prices, but markets remain under pressure from increased supply and falling demand. December futures for palm oil on the Bursa Malaysia exchange rose by 1.6% over the week to 4205 ringgits/ton or 1010 $/ton, despite data showing a decrease in export rates in November and forecasts of increased palm oil stocks in Malaysia. The price increase is supported by the speculative rise in January futures for Brent crude oil 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 oil by the EU. However, fundamental factors indicate that oil prices should decrease. For example, OPEC revised its estimates of the global oil market for the third quarter from a deficit of -400 thousand barrels/day to a surplus of +500 thousand ...