Ringgit extends loss against US$ amid lower oil prices - Business News

as declared in KUALA LUMPUR: The ringgit extended its loss from Tuesday to be lower against a firmer dollar early Wednesday amid lower crude oil prices. At 9.03 am (0103 gmt), the ringgit was quoted at 4.0530/0600 against the greenback compared with Tuesday 's close of 4.0445/0485. OANDA Head of Trading in Asia-Pacific, Stephen Innes said the stronger US dollar in the face of significantly lower crude oil prices caused the ringgit to struggle to gain traction. As at 9.30am (0130 gmt), the benchmark Brent crude traded lower at US$ 71.79 per barrel due to concerns over rising supply. The ringgit, however, traded higher against a basket of major currencies.

IMF raises Saudi growth forecast on higher oil prices

The Cabinet welcomed the final statement by the Makkah conference calling on states, organizations and Islamic elites to play positive roles in achieving security and peace in Afghanistan. The Cabinet also reviewed a ministerial meeting of the Arab-Chinese Cooperation Forum in Beijing and welcomed a decision by Chinese leader President Xi Jinping to establish an Arab-Chinese strategic partnership. China's Belt and Road initiative will link the interests of China and Arab countries and "add to the prosperity and economic advancement of all," it said. The Cabinet denounced recent suicide attacks on two election gatherings in Pakistan and the city of Jalalabad in eastern Afghanistan, and offered condolences to families of the victims. The Cabinet approved a license for the Iraqi Commercial Bank to open a branch in Saudi Arabia and authorized the Minister of Finance to decide on any subsequent requests to open other branches.

Could oil prices spike above $150?

according to That's causing reserves at major producers to fall and the industry's reinvestment ratio to plunge to the lowest in a generation, paving the way for oil prices to surpass records reached last decade, according to Bernstein. RELATED: Oil prices slip, but it's likely just temporary"Investors who had egged on management teams to reign in capex and return cash will lament the underinvestment in the industry," the analysts wrote. The oversupply of crude globally in recent years has masked "chronic underinvestment," Bernstein said in the report. The producers aim now to pump more to help cool the market, but disruptions from Libya to Venezuela are keeping prices elevated. Proven reserves of the world's top oil companies have fallen by more than 30 percent on average since 2000, with only Exxon and BP showing an improvement, helped by acquisitions, Bernstein said.

collected by :Frank Ithan