KUALA LUMPUR, April 21 — The chaotic overnight session in crude oil markets had sent the ringgit to open marginally lower today.
At 9.01 am, the ringgit weakened to 4.3780/3880 against the US dollar from 4.3700/3770 at Monday’s close.
AxiCorp global chief market strategist Stephen Innes said the West Texas Intermediate (WTI) crude oil futures for May contract 2020 traded to -US$40.32 per barrel.
“The sharp plunge in demand has caused storage saturation levels to the brim, forcing sellers to pay buyers to take May barrels.
“Should the crude oil price remains under pressure, which it is expected to, this could exert more downside risk to the ringgit,” he said in a note today.
— Bernama
