Commodity News
mae, CNBC Indonesia
Market
Friday, 04/08/2023 10:41 WIB
Photo: Workers loading fresh fruit bunches of oil palm to be transported from the collection point to the CPO mill in Pekanbaru, Riau province, Indonesia, Wednesday (27/4/2022). (REUTERS/Willy Kurniawan)
Jakarta, CNBC Indonesia – The majority of commodity prices rose sharply in trading Thursday (3/8/2023). However, the price of crude palm oil (Crude Palm Oil/CPO) collapsed before rising today, Friday (4/8/2023).
Brent and WTI oil closed down in yesterday trading flying more than 2%. The increase in oil prices has kept its price rate at its highest level for the last three months.
Oil prices soared after OPEC producers vowed to cut production again.
Oil prices rose after Saudi Arabia and Russia, the world’s second and third largest producers of crude, pledged to cut production into next month.
The OPEC+ Joint Ministerial Monitoring Committee is unlikely to change overall oil production policy at Friday’s meeting.
However, Saudi Arabia’s pledge to cut its oil exports by 300,000 bpd in September has raised concerns about supply and backed up prices.
Meanwhile, CPO prices soared today to more than 1.39% after collapsing 2.32% yesterday. Prices flew as India’s vegetable oil imports in July rose to a record 1.76 million metric tons.
The increase was also due to the need to increase supplies for the upcoming festival due to the uncertainty of supplies from the Black Sea.
Read more about the development of commodity prices in the article below:
Coal prices
Global gold price
Pawnshop gold prices
Antam’s gold price
CPO price
Crude oil price
The following are commodity prices:
Watch the video below:
Because of China and the US, Gold Prices Are Flying Again
(is/is)
2023-08-04 03:41:09
#Oil #CPO #prices #reckless #OPEC #India #cartels
