Palm Oil Extends Advance as Crude’s Rally Boosts Biofuels Appeal

Palm oil futures extended a rally, heading for the fifth gain in six sessions, as oil’s jump back above $100 a barrel increases demand prospects for biofuel feedstocks.

Brent oil soared as much as 10% after Oman cleared all ships from its key export oil terminal and two tankers were attacked in Iraqi waters. The surge across energy markets due to the conflict in the Middle East has brought palm oil near parity — or even at a discount — to gasoil this month, compared with an average premium of $313 per ton over the past year.