Global edible oil prices swung higher for a second day on Friday, extending a recent rebound thanks to fund bargain buying and position covering. The market uptick was across most commodities, including energy, following another volatile trading week that saw the U.S. House pass a bill to suspend the nation’s debt ceiling until January 2025. The move injected confidence into the wider equity and financial markets the U.S. will be able to avoid defaulting on its debt.

Benchmark soybean oil and palm oil futures crumbled to better-than two-year lows earlier in the week, as disappointing manufacturing statistics from China and negative global macroeconomic factors sent most commodity prices careening lower. On May 30, July soybean oil futures settled just above 46.00 cents per pound, the lowest close for the nearby contract since early February 2021 and down more than 40 percent on the year.

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