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PETALING JAYA: Crude oil prices are expected to remain elevated at between US$77 (RM319) and US$107 (RM443) a barrel until sometime next year amid the shortfall in the supply of the commodity.
NEW YORK: Oil advanced above US$85 (RM353) a barrel after Saudi Arabia said that the Organisation of Petroleum Exporting Countries (Opec) alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.
NEW YORK: The Organisation of Petroleum Exporting Countries (Opec) and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference.
The ringgit is expected to trade between RM4.23 and RM4.24 against the US dollar from Monday (Aug 15) due to lacklustre sentiment in the global oil market, said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim.
NEW YORK: Opec boosted oil production last month by the most in a year, in line with plans to meet rising demand as countries recover from the pandemic.
Physical oil markets run hot before Opec+ meets on crude output
Demand to continue growing, supply to stay limited