KUALA LUMPUR, June 18 — The ringgit closed marginally higher against the US dollar today, supported by the better oil prices, analysts said. At 6pm, the ringgit was quoted at 4.2750/2800 from 4.2780/2830 at yesterday’s close. Oil benchmark Brent crude was trading 0.66 per cent firmer at...
At 6pm, the ringgit was quoted at 4.2750/2800 from 4.2780/2830 at yesterday’s close. — Reuters pic
It was reported that Brent had erased its losses in early European trading ahead of the Organisation of the Petroleum Exporting Countries members and allies meeting, against the backdrop of demand concerns over new coronavirus cases in China and elsewhere. The Opec+ is expected to hold an online meeting later today to discuss the way forward on its agreement to cut oil production by 9.7 million barrels per day in May and June 2020.Reports also stated that the production cut had a modest positive effect on oil prices so far, as the amount of crude oil in storage around the world are still rather excessive.
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