# Rising oil prices and import rates to India are supporting vegetable oil quotes

> February Brent crude rose 8.8% to $82.7 a barrel since the prior Monday after a sharp price drop at the start of the month and a shutdown of a Canada-US oil pipeline. Chicago January soyoil rose 5.9% and Malaysian palm oil recovered after lower-than-expected Malaysian stocks in November.

- Date: 2022-12-16 · published 2022-12-16T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/38344-rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Higher crude prices raise biodiesel and renewable diesel feedstock values, supporting vegetable oil prices, while stronger Indian import demand adds further support for palm and soy oil.

## Read by commodity

- SBO: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-09-28 | [Rand weakens as oil prices rise and rate-hike fears support dollar](https://feedsoft.ai/events/17765-rand-weakens-as-oil-prices-rise-and-rate-hike-fears-support-dollar.md) | +6.5% | +1.3% |
| BRENT | 2019-01-04 | [Dollar cycle may be about to turn, supporting oil prices: Kemp](https://feedsoft.ai/events/61292-dollar-cycle-may-be-about-to-turn-supporting-oil-prices-kemp.md) | +11.9% | +13.9% |
| BRENT | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.0% | -11.4% |
| BRENT | 2018-08-01 | [Saudi Arabia Promised More Oil. So Why Are Prices Rising? (Published 2018)](https://feedsoft.ai/events/64200-saudi-arabia-promised-more-oil-so-why-are-prices-rising-published-2018.md) | -1.0% | +2.3% |
| BRENT | 2020-05-20 | [A month after oil plunged into the abyss, prices are surging - Moneyweb](https://feedsoft.ai/events/53305-a-month-after-oil-plunged-into-the-abyss-prices-are-surging-moneyweb.md) | -0.4% | +19.9% |
| SBO | 2024-02-28 | [Against the background of rising oil prices, palm and soybean oil prices rose, despite the absence of fundamental supporting factors](https://feedsoft.ai/events/31772-against-the-background-of-rising-oil-prices-palm-and-soybean-oil-prices-rose.md) | -0.0% | +7.7% |
| SBO | 2016-12-14 | [Vegetable oil prices follow petroleum prices higher after OPEC refuses to boost production  : The Daily Digest](https://feedsoft.ai/events/73554-vegetable-oil-prices-follow-petroleum-prices-higher-after-opec-refuses-to-boost.md) | -1.4% | -2.0% |
| SBO | 2021-03-08 | [VEGOILS-Palm oil rises nearly 4% to two-month high as crude, soyoil rally By Reuters](https://feedsoft.ai/events/6562-vegoils-palm-oil-rises-nearly-4-to-two-month-high-as-crude-soyoil-rally-by.md) | +9.1% | +10.7% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.