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

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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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...
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