Crude oil prices take a beating after Opec failed to agree on production cuts.
At 10.36am, the FTSE Bursa Malaysia KLCI was at 1,434.63 points, down 48.47 points or 3.27 percent, after opening 1.5 percent lower than closing on Friday.
The FBM KLCI is down 11.76 percent over the past year and is currently at levels not seen since October 2011.Saudi Arabia reacted by slashing prices and is believed to be preparing to ramp up production, leading to fears of an all-out price war.Dismal oil prices will add pressure on Malaysia as Budget 2020 was designed with an estimate that the average oil price would be at US$62 per barrel.
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