Domestic oil sector comes under significant pressure today due to plummeting international oil prices

Yesterday, the Malaysian palm oil market fluctuated and fell back, and today it will follow the sharp correction in the crude oil market. The domestic soybean crushing volume has decreased, and the decline in soybean oil inventories is providing support for stronger prices. The Middle East situation remains complex; the plummeting crude oil prices will weaken the speculation around palm oil’s demand for biodiesel. Developments in the Middle East are still a key factor affecting the volatility of sentiment in the oils and fats market. Dragged down by the sharp drop in international oil prices, the domestic oils and fats sector will face significant pressure today. Domestic spot oils and fats remain under pressure at high levels and have weakened along with futures, with both soybean oil and palm oil showing a correction trend.