# VEGOILS-Palm oil extends gains on higher oil prices

> Malaysian palm oil futures extended gains on Tuesday, rising 0.33% to 4,261 ringgit per metric lot in morning trade. Higher crude oil prices, tied to Russian production cuts and attacks on Russian refineries, supported the move, while a firmer ringgit limited gains.

- Date: 2024-06-03 · published 2024-06-03T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/8031-vegoils-palm-oil-extends-gains-on-higher-oil-prices
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher crude makes palm more attractive as biodiesel feedstock, supporting palm and soyoil prices, though a stronger ringgit makes palm dearer for foreign buyers.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-06-03 | 1 | +5.0% | 4.0 | Higher crude oil prices raised palm's biodiesel/energy-linked value, extending gains in early June trading, though a firmer ringgit capped them. |

## Sources

- energynews.oedigital.com: https://energynews.oedigital.com/renewable-energy/2024/06/03/vegoilspalm-oil-extends-gains-on-higher-oil-prices

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