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Oil prices drop, Brent moves further away from 4-year high(Update)

TOKYO: Brent oil edged further away from a four-year high on Wednesday and U.S. crude fell, after the U.S. said it would ensure crude markets are well supplied before sanctions are re-imposed on Iran and as President Donald Trump criticized high prices.

Brent crude futures were down 43 cents, or 0.5 percent, at $81.44 a barrel by 0041 GMT, after gaining nearly 1 percent the previous session. Earlier on Tuesday, Brent hit its highest since November 2014 at $82.55 per barrel.  U.S. crude futures were down 40 cents, or 0.6 percent at $71.88 a barrel. They rose 0.3 percent on Tuesday to close at their highest level since mid-July.

Higher budget deficit seen

KUALA LUMPUR: The budget deficit target for 2019 could be raised to 3% of gross domestic product (GDP) from the targeted 2.8% this year, Socio-Economic Research Centre’s (SERC) executive director Lee Heng Guie (pic) says.

From left: SERC officials Liew Sang Yee , Lee Heng Giue, Lee Soon Thye and Goh Kong Jun at the Press Conference yesterday on the Quarterly Economy Tracker for the Third Quarter of 2018. - Low Boon Tat/The Star

Sapura Energy orderbook jumps to RM17.5bil

KUALA LUMPUR: Sapura Energy Bhd's orderbook has jumped to RM17.5bil following the award of multiple contracts with a combined value of about RM815mil.