West Texas Intermediate , the US benchmark, plunged rapidly in opening trade in Asia and was changing hands for US$14.90 a barrel in the afternoon, down 18.45 per cent. — Reuters pic
International benchmark Brent was less badly affected, as the storage concerns mainly relate to WTI facilities in the US, and was down three per cent at US$27.23 a barrel in the afternoon. Riyadh and Moscow drew a line under their dispute earlier this month when they and other countries agreed to cut output by almost 10 million barrels a day to boost virus-hit markets.
Trifecta Consultants analyst Sukrit Vijayakar said US refineries were not processing the crude supplies fast enough, resulting in fewer buyers and storage facilities filling up.
End Feb20, it was USD50+per barrel. It was reported M'sia cld lose RM300m for every USD1 drop in price. Drop of USD35 works out to RM10.5bil. With tourism & exports down, beer & gaming companies stopped, where's the govt going to find the shortfall for our operating costs?
but our pump price still expensive. it should cost us rm0.50 per litre but it is still selling at rm1.25. fyi, crude oil had dropped near 80%.
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