MDEX: Palm oil follows petroleum and closes higher this Thursday.

The August contract of palm oil closed the session this Thursday (23) with a strong increase of 1.42% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract rose 1.69% to US$1,123.75/ton. The September contract advanced 1.69% to US$1,140/ton. So far this week, the contracts have accumulated gains of 1.35% and 2.01%, respectively. 

In this trading session, prices were boosted by positive palm oil yields. Dalian Exchange (DCE), which closed with a significant increase of 2.85%. Soybean oil advanced 0.75% in the Chinese index.

Furthermore, prices were impacted by the rise in oil prices, driven by investors' reaction to news that the Houthis, a paramilitary group in Yemen, attacked two oil tankers carrying Saudi Arabian crude in the Bab el-Mandeb Strait, which connects Persian Gulf production to the global market via the Red Sea.

Higher fuel prices on the international market make palm oil a more attractive option as a feedstock for biodiesel. 

This text was translated by machine from Brazilian Portuguese.