Oil prices fell 4% under pressure from US economic data and OPEC's decision to increase production, which will limit the rise in vegetable oil prices.

After an active growth of 6-7% at the beginning of the week, October Brent crude futures fell by 4% to $69.7/barrel (+3.6% per month) over the last two sessions, and US WTI crude fell by 4.2% to $66.2/barrel (+1.5%) against the backdrop of worse-than-expected US economic data and OPEC+'s decision to increase production.
The sharp increase in oil prices significantly supported vegetable oil prices, which were also growing actively last week, but may now resume their decline.
OPEC+ countries, fearing disruptions in oil supplies due to possible sanctions against the Russian Federation, have agreed to increase oil production from September 1 by 547,000 barrels per day, which will exceed the previously planned 441,000 barrels per day.
President Trump on Thursday announced minimum tariffs of 10% for all countries and tariffs of 15% or more for countries with a trade surplus with the United States, which will take effect on August 8 and will negatively affect the global economy and energy demand.
US economic reports on jobs and manufacturing activity came in worse than expected, sending the S&P 500 to a two-week low on Friday. Trump even fired the head of the US Census Bureau over reports that fell short of his expectations for US economic growth.
This week, Trump's demand for a ceasefire in the war against Ukraine expires, so the market continues to expect a possible imposition of sanctions on buyers of Russian oil, which may increase the speculative impact on quotes, as European Union sanctions on Russian oil have already restricted the operation of a large oil refinery in India, which is partly owned by Russian PJSC Rosneft and has been blacklisted.