KUALA LUMPUR, June 13 — As the ringgit remains partially tied at the hip to oil prices, the expected benchmark crude oil price of between US$36 and US$40 (RM 153.74 and RM 170.82) per barrel would keep the local note at its current level of 4.25-4.27 next week, says an analyst. However, as...
From a technical standpoint, the ringgit versus the greenback appears to be in an overbought position and it looks rather toppish at the moment. — Bernama pic
“But overall the crude oil market, which is currently below US$40 per barrel, remains sick due to the supply overhang and patchy demand recovery in the US. To recap, the Opec and allies had earlier embarked on the largest coordinated oil production cut regime in history in May at 9.7 million barrels per day .
“In the absence of vaccines, a possible relapse in new Covid-19 infections is always a possibility and that could render instability to market and business sentiments,” he told Bernama. “At the current juncture, the resistance and support levels stand at RM4.2972 and RM4.2502. As such, expect the ringgit to stay weak in the immediate term,” he said.
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