World Vegetable Oil Price Rally Accelerates

Soybean oil futures rallied sharply on Wednesday, driven by fund liquidation of short oil share positions following the benchmark contract’s break above a critical technical level. A rally in crude oil prices and higher palm oil futures during the overnight session also helped support the move. The rally in world vegetable oil prices continues as rising demand from

The benchmark West Texas Intermediate (WTI) contract rose by as much as four percent shortly before the U.S. open following bullish inventory data released Tuesday night. The rally pushed the benchmark contract briefly above $43 per barrel. However, selling at the upper Bollinger band ($43 as of Wednesday’s close) limited the advance. A bearish demand outlook in the latest Monthly Oil Market report, released by the Organization of Petroleum Exporting…