<\/p>\n\n\n\n
By Niam Seet Wei<\/strong><\/p>\n\n\n\n KUALA LUMPUR, Dec 1 (Bernama) — The ringgit kicked off\nthe last month of 2020 marginally easier against the US dollar, as the local\ncurrency market remains slightly jittery ahead of the delayed Organisation of\nthe Petroleum Exporting Countries (OPEC) quota extension announcement.<\/p>\n\n\n\n At 9.01 am, the ringgit was traded at 4.0740\/0790 versus the\nUS dollar from Monday\u2019s close of 4.0730\/0750.<\/p>\n\n\n\n Reuters quoted sources as saying that OPEC+, which includes\nRussia and other oil producing countries, had postponed talks on crude oil\noutput policy for 2021 to Dec 3, 2020, as key players still disagreed on how\nmuch oil they should pump amid weak demand due to the COVID-19 pandemic.<\/p>\n\n\n\n Axi chief global market strategist Stephen Innes said\nlike most currencies directly buttressed by a significant crude oil export\nquotient, OPEC+ move presented a bigger speed bump than expected.<\/p>\n\n\n\n \u201cThe big news overnight is that Saudi Arabia is considering\nresigning from its role as co-chair of the OPEC+ Joint Ministerial Monitoring\nCommittee (JMMC), according to press reports, putting pressure on crude oil\nprices,\u201d he told Bernama when contacted.<\/p>\n\n\n\n According to Innes, Saudi co-chairs the JMMC with Russia,\nand it remained unclear as to what Saudi’s goals are.<\/p>\n\n\n\n \u201cBut it is not easy to imagine an OPEC+ without Saudi\nplaying a direct role at the top,\u201d he said.<\/p>\n\n\n\n Apart from OPEC\u2019s decision, Innes said the ringgit would\nalso take the cue from the broader US dollar sentiment.<\/p>\n\n\n\n At the time of writing, benchmark Brent Crude oil price slid\n1.22 per cent to US$47.59 per barrel.<\/p>\n\n\n\n Back home, the ringgit was traded mostly higher against\nother major currencies, except the pound.<\/p>\n\n\n\n It strengthened against the Singapore dollar to 3.0412\/0461\nfrom 3.0455\/0486 at the close on Monday, went up against the yen to\n3.9057\/9116 from 3.9148\/9171 yesterday and firmed versus the euro to\n4.8652\/8724 from 4.8807\/8843 yesterday.<\/p>\n\n\n\n Vis-a-vis the pound, the ringgit, however, weakened\nto 5.4355\/4426 from 5.4277\/4308 on Monday\u2019s close.<\/p>\n\n\n\n — BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":" By Niam Seet Wei KUALA LUMPUR, Dec 1 (Bernama) — The ringgit kicked off the last month of 2020 marginally easier against the US dollar, as the local currency market remains slightly jittery ahead of the delayed Organisation of the Petroleum Exporting Countries (OPEC) quota extension announcement. At 9.01 am, the ringgit was traded at 4.0740\/0790 […]<\/p>\n","protected":false},"author":29,"featured_media":21867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,318,269],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/103975"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=103975"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/103975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/21867"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=103975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=103975"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=103975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}