Palm oil advanced to the highest since mid-April, tracking a jump in crude oil prices, while a weaker Malaysian currency made tropical oil more attractive to overseas buyers. The rally in crude due to uncertainty over widening conflicts in the Middle East supported palm, said a broker. He added that tropical oil becomes a more attractive biofuel option when petroleum prices are high. Brent crude surged 5% on Thursday and headed for the biggest weekly gain since early 2023, as the escalation of hostilities raised the possibility Middle East oil supplies could be disrupted. Malaysia’s currency weakened for a fourth day and was heading toward its lowest level in more than two weeks. That’s made ringgit-denominated palm oil cheaper for foreign buyers. (Source: Bloomberg).
