After a long weekend of vegetable oils has increased dramatically following the oil market
on Monday, the price of Brent crude reached its highest since January, 2020 on the background of the cold weather in the United States, which resulted in the 5 million residents of Texas were left without electricity, and the price of electricity, gas and oil products increased dramatically.
the Reduction of oil production by OPEC countries and projections of increased consumption due to vaccination led to a rise in oil prices during the week of 5%. Since the beginning of February futures for Brent crude rose by 13% to 63.5 $/barrel, and continue to grow, although analysts believe the market is overheated.
Thursday and Friday in Malaysia was output on the occasion of New year, therefore, the high activity in trading on Monday led to a spike in prices, which has supported the growth of the oil market.
the April futures for palm oil on the stock exchange in Malaysia yesterday increased by 4.3% to 3715 ringgit/t or 922 $/t on data from the survey about the increase in exports within 15 days of February compared with the corresponding period of January 27 to 37%. While may futures of palm oil declined 1% to ringgit 3524/t or 874,5 $/t
According to Solvent Extractors' Association of India (SEA), India on the background of falling prices and import duties in January 2020 increased imports of palm oil compared to January 2019 to 31% to 780,7 kt, however, reduced the purchase of soybean oil by 66% to 88,66 kt (as a result of a strike of longshoremen in Argentina) and sunflower oil by 32% to 205,2 kt
against a rise In price of oil and palm oil, as well as the low number of proposals of sunflower in Ukraine bid prices of sunflower oil increased to 1310-1330 $/t FOB. The purchase price of sunflower still remain at the level 21800-22800 UAH/t (785 - 820$/t with delivery to the plant, however, the reduction of supply in the worsening weather forced the individual to raise prices in order to attract the necessary quantities of raw materials.
