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Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand.

The company's statement reported total revenue in the second quarter of 3.29 billion baht, down by 22% from the same quarter last year.

Malaysian palm oil futures reversed early losses to close higher on Tuesday, hitting a fresh two-month high on the back of a weaker ringgit and expectations of lower August production

Indonesia exported 2.17 million tonnes of palm and palm kernel oils in the month of June, the Indonesia Palm Oil Association (GAPKI) said on Tuesday.

Malaysia’s close ties with China goes way back to 1974 when the total bilateral trade was only RM159mil.

The US Treasury Department officially designated China a currency manipulator late on Monday afternoon, after Beijing let the yuan sink to its lowest level in 11 years in apparent retaliation for US President Donald Trump’s threats of new punitive tariffs on Chinese imports.

The minister was quoted by Indonesian online business news portal Bisnis.com last week saying that a review is necessary because Telenor originated from the European Union (EU), which parliament has on June 10 passed laws to restrict and ban palm oil usage in biofuel by 2030.

China may also impose additional tariffs on US farm products, the ministry said, raising the barrier to future trade that further targets rural states that supported US President Donald Trump in the 2016 election.

The Ministry of Agriculture and Cooperatives is planning to spend 17 billion baht to guarantee the price of certain cash crops in the market.

Oil palm smallholders should not worry about being pursued by the Inland Revenue Board (IRB) just because they have obtained Malaysian Sustainable Palm Oil (MSPO) certification.

After months of indecisiveness, the Indian negotiating team finally went to attend the RCEP Ministerial meet in Beijing last week with a clear mandate. It was instructed to say no to any pact which did not fulfil its wish list.

Indonesia is largely isolated from global supply chains in Asia, minimizing the effects of the U.S.-China trade war. However, falling prices for export commodities such as palm oil "had an impact on Indonesia's economic growth," Suhariyanto said.