Malaysian palm oil hits over 3-year low on weaker crude prices

The government will draw up new strategies and approaches to combat the anti-palm oil campaign by the European Union (EU) which give negative perceptions of the palm oil industry in this country.

KUALA LUMPUR: Malaysian palm oil futures touched their lowest in more than three years on Wednesday, shedding gains from the previous session, as a plunge in crude oil prices dented sentiment.

Palm oil prices are influenced by movements in crude oil, as the edible oil is used as feedstock to make biodiesel.