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KUALA LUMPUR, July 8 (Reuters) - Malaysian palm oil futures inched higher on Thursday after two straight sessions of falls, as the ringgit weakened and rival Chicago soyoil jumped overnight on worries about the declining crop condition.

Crude palm oil (CPO) will continue to stay lofty above RM3, 000 per tonne in the near term amid tight supply of global vegetable oils and uncertainty on the recovery of palm oil output in the second half of this year, opines plantation industry veteran Datuk Yeo How

PETALING JAYA: IOI Corp Bhd expansion of its landbank in Sabah comes at a “reasonable” price, but the addition is considered relatively small and should have a minimal impact on its earnings

Oil prices tumbled on Tuesday in a volatile session after OPEC producers cancelled a meeting when major players were unable to come to an agreement to increase supply. Brent crude settled down $2.63 a barrel, or 3.4%, to $74.53, after hitting a session peak of $77.84, its highest since October 2018.

The fall from the July 6 high of 3,978 ringgit does not look like a pullback towards a falling trendline, as it may extend far below this line, due to the heavy loss of the overnight CBOT grains

Malaysian palm oil futures rose to a near four-week high on Tuesday, lifted by strong export demand as India resumed purchases of refined palm oil after a one-year gap

Indonesia will be the main driver for increasing use of vegetable oil as feedstock for biodiesel in the coming decade, the UN Food and Agriculture Organization, or FAO, and the Organization for Economic Cooperation and Development, or OECD, said in their annual outlook report.

South Korea's state defense research agency has acquired core technologies for the production of palm oil-based bio jet fuel. Through a series of tests, the agency found that the low-carbon renewable fuel could be an alternate fuel source for military and civil jet turbine engines.

The European Union faces an uphill battle to convince trading partners that the world's first levy on carbon imports is fair, workable and a necessary part of the bloc's attempted green revolution as opposed to a protectionist tool.

Palm oil may test a resistance at 3,931 ringgit per tonne, a break above which could lead to a gain into a range of 4,009-4,105 ringgit.

he benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 95 ringgit, or 2.51%, to 3,884 ringgit ($935.00) a tonne, hitting its highest since June 10.

Bursa Malaysia opened lower today but began to rise soon after on renewed buying interest.