The ringgit continued to be lower for the third consecutive day as prospects of a further decline in oil price. — Reuters pic
At 6pm, the ringgit was quoted at 4.3350/3400 against the US dollar from 4.3300/3400 at the close on Tuesday. The International Energy Agency projected global oil demand to fall by a record amount in 2020 due to the Covid-19 pandemic’s impact on economies worldwide. For April alone, IEA said it is likely to be 29 million bpd lower than a year ago, hitting a level last seen in 1995.AxiCorp global chief market strategist Stephen Innes said the production cut deal by the Organisation of the Petroleum Exporting Countries and its allies failed to address the immediate structural oversupply, leaving oil prices vulnerable.
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