# Vegetable oil prices follow petroleum prices higher after OPEC refuses to boost production  : The Daily Digest

> Vegetable oil prices have risen around the world alongside crude, climbing about 19% over two weeks to roughly $55 per barrel equivalent. The rally followed OPEC's decision not to raise production. Some analysis cited by the USDA sees oil topping $60 in early 2017.

- Date: 2016-12-14 · published 2016-12-14T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73554-vegetable-oil-prices-follow-petroleum-prices-higher-after-opec-refuses-to-boost
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude makes biofuel feedstocks such as soybean and palm oil more attractive, supporting vegetable oil prices. Ample RIN credits for compliance, however, limit how tight the biofuel-driven market can become.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2023-10-27 | [Petroleum's influence on crop prices increases \| The Western Producer](https://feedsoft.ai/events/15270-petroleum-s-influence-on-crop-prices-increases-the-western-producer.md) | -0.7% | +6.4% |
| SBO | 2023-11-02 | [Petroleum increases its influence on crop prices \| The Western Producer](https://feedsoft.ai/events/15260-petroleum-increases-its-influence-on-crop-prices-the-western-producer.md) | +2.0% | +8.1% |
| SBO | 2022-12-16 | [Rising oil prices and import rates to India are supporting vegetable oil quotes](https://feedsoft.ai/events/38344-rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes.md) | +1.3% | -1.0% |
| 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% |
| SBO | 2021-06-10 | [In the eye of the storm: How the oilseeds market emerged as the global driver of agriculture markets, its role in wider food price inflation - Fastmarkets](https://feedsoft.ai/events/46619-in-the-eye-of-the-storm-how-the-oilseeds-market-emerged-as-the-global-driver-of.md) | -10.5% | -12.7% |
| PALMOIL | 2022-12-16 | [Rising oil prices and import rates to India are supporting vegetable oil quotes](https://feedsoft.ai/events/38344-rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes.md) | -0.1% | +0.9% |
| PALMOIL | 2026-04-30 | [Ringgit closes lower on volatile oil prices \| The Star](https://feedsoft.ai/events/19961-ringgit-closes-lower-on-volatile-oil-prices-the-star.md) | +0.5% | -1.1% |
| PALMOIL | 2022-01-02 | [Palm oil prices to stay high as fertiliser costs limit output, says CPOPC \| The Star](https://feedsoft.ai/events/43231-palm-oil-prices-to-stay-high-as-fertiliser-costs-limit-output-says-cpopc-the.md) | +5.7% | +12.1% |

## Sources

- biofuelsdigest.com: https://biofuelsdigest.com/vegetable-oil-prices-follow-petroleum-prices-higher-after-opec-refuses-to-boost-production/

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