Oil prices have risen sharply, which will support prices for vegetable oils and oilseeds

Brent and WTI crude oil futures experienced a 4% increase, with Brent reaching $74.50 per barrel and WTI at $70.90 per barrel, driven by positive US economic news and a stronger US dollar. This rise benefits Russia, which has increased its oil exports to a three-month high, although Russian Urals oil prices have dropped by 4.2% due to decreased demand and sanctions. The upcoming US inventory report could influence prices, but there is an expectation of continued speculative growth, which is likely to support prices for vegetable oils and oilseeds.

November Brent crude futures rose 4% yesterday to $74.50/bbl (0% for the week, -2.8% for the month), while American WTI crude futures rose 4% to $70.90/bbl (-0.8% for the week, +2% for the month). Positive news about the US economy, including a stronger-than-expected labor market, led to the dollar index rising against other currencies to a two-week high, which also supports oil prices. Rising oil prices will again be useful for Russia, which continues to increase crude oil exports. According to Bloomberg, in the period from September 23-29, oil exports from Russia increased by 850 thousand barrels per day to a 3-month high of 3.74 million barrels per day. Prices for Russian Urals oil fell by 4.2% over the week to $66.4/bbl (-11% ...