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Commodities

Canola Futures Tumble Amid Crude Oil Price Drop

Guavy AI Editorial Team
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Oil
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ICE Canola futures plummeted on Monday morning following a decline in crude oil prices. The market was influenced by the recent de-escalation of tensions between the US and Iran, with Pakistan urging both sides to return to negotiations.

Crude oil prices dropped by at least $4 per barrel, while soyoil lost over one cent per pound. European rapeseed and Malaysian palm oil also fell in value.

The Canadian dollar depreciated by two-tenths of a US cent compared to Friday's close, with nearly 23,600 contracts traded.

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