02/09/2008 (The Hindu), New Delhi - Wholesale prices of select edible oils on Tuesday declined in the national capital, taking cues from a weak Malaysian palm oil market.

Palmolein (RBD) and soyabean refined mill delivery oils were down by Rs 50 each at Rs 5,000 and Rs 6,150 per quintal respectively.

Cottonseed and sesame mill delivery oils fell by Rs 50 each at Rs 5,700 and Rs 6,350 per quintal respectively largely in line with other edible oils.

Vanaspati oil also quoted lower at Rs 870-905 per tin of 15 litre.

Trading sentiments were dampened as Malaysian palm oil declined following crude oil fell below 106 US dollar a barrel after Hurricane Gustav weakened before striking the Louisiana coast.

Palm oil for November delivery declined as much as 4.8 per cent to 2,495 ringgit (729 US dollar) a tonne.

Palm oil, the world's most used vegetable oil, has tumbled 42 per cent from a record in March as crude oil slumped to about 106 US dollar, eroding the appeal of palm oil as a biofuel.