Recovery trump supported the oil markets and vegetable oils

oil Prices reacted to the news about the infection of the US President, trump coronaviruses a fall of 4.5-5%, however, yesterday's information about the imminent recovery of the President and reduce the number of rigs amid rising demand for gasoline has led to higher oil prices by 5-6%.

December futures on Brent oil, grew by 5.65% to 41.5 $/barrel, while the November oil WTI rose by 6.15% to 39,42 $/barrel.

According to oil company Baker Hughes, in September the number of drilling rigs operating in the world has declined to a record low of 1019 PCs, whereas in August there were 1050, and in September 2019 – 2141. In the United States compared to August, the number of installations in September increased by 7 to 257 PCs in Canada – 7 to 60 pieces Now in North America working to 31.1% of the total global amount of drilling, whereas a year ago the figure was 47.2%.

the Demand for gasoline in the United States,according to estimates by GasBuddy, a week increased by 3.2% to its highest since early August level, which further supported crude oil prices.

December futures for soybean oil in the United States yesterday increased by 4% to 724,4 $/ton, after falling on Friday due to rising oil price, while quotations of palm oil in the data on production and exports in September increased by only 0.5% to 2721 Ringgits/t or 655,66 $/t today, However, they will continue to go up, as trading ended yesterday by the beginning of the rapid growth of oil prices.

According to the forecast by Bloomberg, Saudi Arabia in September will increase in comparison with August palm oil production by 5.2% to 1.96 mln t, export – by 8.1% to 1.71 million tonnes, bringing stocks will grow to 1.72 million tonnes. However, the official data for September from the LRAS, which will be released this week, can significantly affect prices.

After soybean and palm oil prices for sunflower oil rose to 880-900 $/t FOB for shipments in November-December, and buyers stepped up their purchasing activity.

Between the prices of sunflower and soybean oil remains a significant difference. Argentine soybean oil for delivery in India is offered at 830-850 $/t, while the low price of Ukrainian sunflower oil on the same basis is 950 $/t

the Purchase price of sunflower in Ukraine is gradually recovered to 13000-13500 UAH/t with delivery to the plant, however, producers are holding back sales in expectation of further price growth.

amid rising oil prices, the November futures are rapeseed oil in Europe rose by 5 €/t to 772 €/t DM FOB, although prices for rapeseed remain unchanged, despite forecasts of a reduction in sowing areas of winter rapeseed in the EU and Ukraine.