Poor news flows on oil market further drag ringgit down | Malay Mail

📆 2020-04-21 2:28 PM
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KUALA LUMPUR, April 21 — The ringgit extended its downtrend to close lower against the US dollar today primarily due to the extremely poor news flows on the oil market, said an analyst. At 6pm, the ringgit dropped to 4.3880/3950 against the US dollar from 4.3700/3770 at yesterday’s close....

At 6pm, the ringgit dropped to 4.3880/3950 against the US dollar from 4.3700/3770 at yesterday’s close. — AFP pic

At 6pm, the ringgit dropped to 4.3880/3950 against the US dollar from 4.3700/3770 at yesterday’s close. “There is a perfect storm for near contract delivery as I think the cost of storing oil in the month of May exceeds the economic value of oil in June unless there is an intervention from the Organisation of the Petroleum Exporting Countries and G20 countries,” he told Bernama.

As at the time of writing, benchmark Brent crude lost 18.15 per cent to US$20.93 per barrel from its previous session.

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