The International Energy Agency’s decision to release oil reserves has failed to calm the markets, says analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the International Energy Agency’s (IEA) decision to release oil reserves has failed to calm the markets.
The IEA recommended yesterday to release 400 million barrels of oil from stockpiles, the largest such move in its history, in a bid to rein in oil prices.
“The Iranian government has set certain conditions for peace talks, but they seem like a tall order for the US and Israel.
“This suggests the ongoing military conflict could be protracted,” he told Bernama.
At the time of writing, Brent crude oil price rose 4.71% to US$96.14 (RM377.54) per barrel.
At 6pm, the local currency eased to 3.9240/3.9280 against the greenback from yesterday’s close of 3.9175/3.9230.
The ringgit traded lower against other major currencies at the close.
It was flat against the Japanese yen at 2.4720/2.4746 from 2.4719/2.4755 at yesterday’s close and marginally down against the British pound at 5.2554/5.2608 from 5.2545/5.2619.
However, it was firmer against the euro at 4.5361/4.5408 from 4.5412/4.5475.
The local currency traded mixed against most Asean currencies.
It gained against the Thai baht to 12.3257/12.3452 from 12.3386/12.3637 and improved against the Philippine peso to 6.60/6.62 from 6.62/6.64 yesterday.
However, it edged down against the Singapore dollar to 3.0786/3.0820 from 3.0754/3.0800 and was marginally lower against the Indonesian rupiah at 232.2/232.6 from 232.0/232.4 previously. - FMT
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