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Chaotic overnight oil market sends ringgit lower at opening

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More downside could be on the cards for local note if crude prices continue to remain under pressure. FMTNews Ringgit OilPrices Currency

KUALA LUMPUR: The ringgit opened marginally lower today following a chaotic overnight session in oil markets which saw the US crude futures plunge below US$0 for the first time in history.

AxiCorp global chief market strategist Stephen Innes said the West Texas Intermediate crude oil futures for May contract 2020 traded to -US$40.32 per barrel. “Should the crude oil price remains under pressure, which it is expected to, this could exert more downside risk to the ringgit,” he said in a note today.

 

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