# CO Futures Close Higher Amid Middle East Tensions, Crude Oil Rally – MPOC

> Crude palm oil futures on Bursa Malaysia closed higher on October 7, 2024, as Middle East tensions drove a crude oil rally. The report describes the palm market moving in step with crude prices.

- Date: 2024-10-08 · published 2024-10-08T12:00:00.000Z
- Category: geopolitics · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/7765-co-futures-close-higher-amid-middle-east-tensions-crude-oil-rally-mpoc
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Crude-driven gains raise the biodiesel appeal of palm oil, which tends to lift edible oil prices broadly. Feed fat and vegetable oil buyers should expect firmer input costs while the conflict premium persists.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-10-07 | 5 | +9.3% | 4.1 | On Oct 7, palm closed higher in step with a crude oil rally on Middle East tensions, extending the gains into the final day of the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2024-10-02 | [CPO Futures Close Higher Amid Rising Tension In The Middle East - Malaysia News Gazette](https://feedsoft.ai/events/7242-cpo-futures-close-higher-amid-rising-tension-in-the-middle-east-malaysia-news.md) | +3.6% | +5.8% |
| PALMOIL | 2026-08-29 | [China's Palm, Soybean, and Rapeseed Oil Futures Rise; Crude Up Over 2% on Middle East Tensions \| Gate News](https://feedsoft.ai/events/10975-china-s-palm-soybean-and-rapeseed-oil-futures-rise-crude-up-over-2-on-middle.md) | +4.8% | +1.7% |
| PALMOIL | 2024-10-03 | [Malaysian Palm Oil Prices Climb Due To Middle East Tensions](https://feedsoft.ai/events/7767-malaysian-palm-oil-prices-climb-due-to-middle-east-tensions.md) | -0.9% | +1.5% |
| PALMOIL | 2026-04-02 | [HLIB Research: Middle East tensions to lift near-term palm oil prices](https://feedsoft.ai/events/9476-hlib-research-middle-east-tensions-to-lift-near-term-palm-oil-prices.md) | -1.0% | -2.2% |
| PALMOIL | 2023-07-20 | [Palm oil futures hit four-month high as Black Sea tensions escalate](https://feedsoft.ai/events/11938-palm-oil-futures-hit-four-month-high-as-black-sea-tensions-escalate.md) | +1.6% | -2.4% |
| WTI | 2024-09-30 | [Crude Rallies on Middle East Tensions](https://feedsoft.ai/events/28488-crude-rallies-on-middle-east-tensions.md) | +9.1% | +5.0% |
| WTI | 2019-06-20 | [Middle East Clashes Send Oil Sharply Higher](https://feedsoft.ai/events/12316-middle-east-clashes-send-oil-sharply-higher.md) | +10.2% | +2.6% |
| WTI | 2018-04-15 | [Bullish forecast for oil prices as Middle East tensions rise](https://feedsoft.ai/events/65725-bullish-forecast-for-oil-prices-as-middle-east-tensions-rise.md) | +1.4% | +4.9% |

## Sources

- mpoc.org.my: https://www.mpoc.org.my/co-futures-close-higher-amid-middle-east-tensions-crude-oil-rally/

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