Crude Oil Surges Past $100 Amid Mideast Tensions; Palm Oil Slips

Malaysian palm oil futures dropped over 1% for a third session due to weak soyoil prices and higher-than-expected August inventories. Meanwhile, crude oil prices surged, with Brent surpassing $100 a barrel, as traders anticipated deeper supply disruptions following increased attacks on shipping in the Middle East. Stronger crude makes palm oil more attractive for biodiesel, but overall market sentiment for palm remained bearish. Sustained high crude oil prices could fuel global inflation, potentially increasing safe-haven demand for gold and exerting pressure on Pakistan's import bill and the Rupee.

بحوالہ / Source: www.brecorder.com