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

📆 2020-04-21 2:28 PM
📰 malaymail

⏱ Reading Time:
26 sec. here
2 min. at publisher
📊 Quality Score:
News: 14%
Publisher: 86%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

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.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Negative US$40 oil reflects panic ― and US crude market economic reality | Malay MailNEW YORK, April 21 ― Traders desperate to avoid owning oil fled the markets yesterday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present...
Source: malaymail - 🏆 1. / 86 Read more »