U.S. oil prices lose 5%, drop back toward $70 a barrel

according to Market PulseU.S. oil prices lose 5%, drop back toward $70 a barrelU.S. oil prices dropped back toward $70 a barrel on Wednesday, losing 5% to finish at their lowest in over two weeks. The Energy Information Administration reported that U.S. crude supplies sank 12.6 million barrels last week. The news, however, failed to offset pressure from expectations that Libya will soon resume oil exports and concerns surrounding the economic impact of worsening U.S.-China trade tensions and a stronger dollar. August West Texas Intermediate crude clq8-4.6% dropped $3.73, or 5%, to settle at $70.38 a barrel on the New York Mercantile Exchange, the lowest finish since June 25, according to FactSet data. See original version of this story

OPEC's oil output jumps in June as Saudi Arabia opens the taps to tame crude prices

That pushed production from OPEC to more than 32.3 million bpd in June, up 173,000 bpd from the previous month, according to the independent figures. OPEC, along with Russia and several other producer nations, has been limiting output since January 2017 in order to drain a crude glut that sent oil prices to 12-year lows in 2016. Iraq chipped in the second-biggest increase in June, upping its output by 71,500 bpd to about 4.5 million bpd. Baghdad was one of several countries that initially expressed skepticism about lifting OPEC's production caps. Iran also posted a small drop, bringing its output to about 3.8 million bpd.

Ringgit opens marginally higher with oil prices poised to rise - Business News

as mentioned in KUALA LUMPUR: The ringgit opened marginally higher against the US dollar in the early trading session today, a dealer said.At 9.00 am, the ringgit was quoted at 4.0350/0400 against the US dollar compared with 4.0380/0420 recorded last Friday."We expect trading activity to pick up this week ahead of Bank Negara Malaysia's Monetary Policy Committee meeting scheduled for Wednesday (July 11), with the ringgit trading higher."With oil prices poised to move higher, the local note should get some support from the commodity sector," the dealer added.Meanwhile, the local unit traded lower against a basket of currencies.It fell against the Singapore dollar to 2.9726/9767 from 2.9672/9712 and slipped against the yen to 3.6522/6578 from 3.6497/6536 on Friday.The ringgit was lower against the euro at 4.7419/7482 from 4.7277/7340 and declined against the British pound to 5.3613/3684 versus 5.3419/3476 previously.

collected by :Frank Ithan