PALM oil futures in Malaysia snapped a two-day slide as crude oil futures rose above US$60 a barrel, increasing the appeal of biofuels produced from the tropical oil.
Palm oil for September delivery rose as much as 3.2 per cent to RM2,053 ringgit (US$573) a metric ton on the Malaysia Derivatives Exchange in afternoon trading. The contract traded at RM2,041 at 3.17 pm in Kuala Lumpur. Benchmark Sept hit a RM2073 high before closing at RM2036 with 6771 contracts done.
August-delivery crude oil gained as much as 1.3 per cent to US$60.47 a barrel amid signs fuel demand will climb as economic growth in China accelerates.