Weak oil prices, China’s poor Q1 drag ringgit down at opening

An analyst says local note is likely to remain moderately bearish until crude oil prices rise. FMTNews Oil Ringgit

KUALA LUMPUR: The ringgit opened lower against the US dollar today, dragged by the falling crude oil prices and China’s weaker-than-expected first-quarter economic data.

Crude oil prices continued to struggle despite the Organisation of the Petroleum Exporting Countries and its allies agreeing on a huge cut of 10 million barrels per day, last week, as investors remain jittery over the impact of the Covid-19. China saw its second-quarter gross domestic product, pressured by the deadly pandemic, shrink 6.8% year-on-year for the first quarter of 2020, weaker than the 6.5% contraction predicted by analysts polled by Reuters.

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