Get ready for more slide in oil price in Q1 2015. Ringgit will follow. Let us see if can hit 2.8.
Serious or not? 2.7 is already bad enough.. (for Malaysia)
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
Serious or not? 2.7 is already bad enough.. (for Malaysia)
Crude settles at $50.04 per barrel, lowest since April 2009
3 Hours Ago
The selloff in global oil markets showed little signs of slowing in the new year, falling as much as 6 percent on Monday to their lowest since spring of 2009 as fears of a supply glut that vexed the market for the past six months deepened.
U.S crude closed down $2.65, or 5 percent, at $50.04 a barrel—its lowest settlement since April 2009. The contract fell further in extended trading.
Front-month Brent crude hovered around $53 a barrel, down about $3, after dropping to $52.66, its lowest since May 2009.
U.S crude dipped below $50 a barrel while benchmark Brent crude tumbled under $53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports at near 35-year peaks.
U.S. driller ConocoPhillips added to the bearish sentiment, announcing it had struck first oil at a Norwegian North Sea project.
Top crude exporter Saudi Arabia has made deep cuts to its monthly oil prices for European buyers, a move that analysts said reflects the kingdom's deepening defence of market share. Saudi Arabia also trimmed prices for U.S. refiners while raising rates for Asia.
The euro's tumble to 2006 lows, and slower-than-expected growth in U.S. manufacturing, completed a perfect storm for the bearish oil markets.
"There's no doubt that we have a combination of supplies hitting their zenith at a time when demand is weakening," said Phil Flynn, analyst at Price Futures Group in Chicago.
Oil has plunged nearly 55 percent in value since June, when Brent traded above $117 a barrel and U.S. crude above $107.
The selloff, which began on concerns of oversupply in high quality U.S. shale crude, accelerated after the November meeting of the Organization of the Petroleum Exporting Countries, where Saudi Arabia ruled out production cuts as means of boosting prices. The kingdom had reasoned that reducing output will hurt its market share instead.
Some traders seem certain that U.S. crude will be trading in the $40 region later in the week if weekly oil inventory numbers for the United States on Wednesday show another supply build.
"We're headed for a four-handle," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York. "Maybe not today, but I'm sure when you get the inventory numbers that come out this week, we definitely will."
Open interest for $40-$50 strike puts in U.S. crude have risen several fold since the start of December, while $20-$30 puts for June 2015 have traded, said Stephen Schork, editor of Pennsylvania-based The Schork Report.
Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day (bpd), up 0.7 percent thanks to small non-state producers, Energy Ministry data showed.
Iraq's oil exports were at their highest since 1980 in December, an oil ministry spokesman said, with record sales from the country's southern terminals.
The Russian and Iraqi data overshadowed reports of drops in Libya's oil output due to conflict. Libya's oil output has fallen to around 380,000 bpd after the closure of the OPEC producer's biggest oil port Es Sider, along with another oil port Ras Lanuf.
http://www.cnbc.com/id/102308102
3 Hours Ago
The selloff in global oil markets showed little signs of slowing in the new year, falling as much as 6 percent on Monday to their lowest since spring of 2009 as fears of a supply glut that vexed the market for the past six months deepened.
U.S crude closed down $2.65, or 5 percent, at $50.04 a barrel—its lowest settlement since April 2009. The contract fell further in extended trading.
Front-month Brent crude hovered around $53 a barrel, down about $3, after dropping to $52.66, its lowest since May 2009.
U.S crude dipped below $50 a barrel while benchmark Brent crude tumbled under $53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports at near 35-year peaks.
U.S. driller ConocoPhillips added to the bearish sentiment, announcing it had struck first oil at a Norwegian North Sea project.
Top crude exporter Saudi Arabia has made deep cuts to its monthly oil prices for European buyers, a move that analysts said reflects the kingdom's deepening defence of market share. Saudi Arabia also trimmed prices for U.S. refiners while raising rates for Asia.
The euro's tumble to 2006 lows, and slower-than-expected growth in U.S. manufacturing, completed a perfect storm for the bearish oil markets.
"There's no doubt that we have a combination of supplies hitting their zenith at a time when demand is weakening," said Phil Flynn, analyst at Price Futures Group in Chicago.
Oil has plunged nearly 55 percent in value since June, when Brent traded above $117 a barrel and U.S. crude above $107.
The selloff, which began on concerns of oversupply in high quality U.S. shale crude, accelerated after the November meeting of the Organization of the Petroleum Exporting Countries, where Saudi Arabia ruled out production cuts as means of boosting prices. The kingdom had reasoned that reducing output will hurt its market share instead.
Some traders seem certain that U.S. crude will be trading in the $40 region later in the week if weekly oil inventory numbers for the United States on Wednesday show another supply build.
"We're headed for a four-handle," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York. "Maybe not today, but I'm sure when you get the inventory numbers that come out this week, we definitely will."
Open interest for $40-$50 strike puts in U.S. crude have risen several fold since the start of December, while $20-$30 puts for June 2015 have traded, said Stephen Schork, editor of Pennsylvania-based The Schork Report.
Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day (bpd), up 0.7 percent thanks to small non-state producers, Energy Ministry data showed.
Iraq's oil exports were at their highest since 1980 in December, an oil ministry spokesman said, with record sales from the country's southern terminals.
The Russian and Iraqi data overshadowed reports of drops in Libya's oil output due to conflict. Libya's oil output has fallen to around 380,000 bpd after the closure of the OPEC producer's biggest oil port Es Sider, along with another oil port Ras Lanuf.
http://www.cnbc.com/id/102308102
Malaysia got multiple issue on its hand so change RM$ only when necessary even when you see a new low.
Anyone got any luck in changing ringgit at new records? I need to change some for own use
Arcade just updated to RM2.638 an hour ago
I think change in JB rates better?
Where where where tq
I usually change at Superlink, Bukit Indah. Over the last few weeks they consistently offer better rates compared to Singapore money changers. Ref: https://www.google.com.sg/maps/plac...2!3m1!1s0x31da7337167a787d:0x77826632e8692fbc
Better do your math when change $ in Malaysia. Two weeks ago I was quoted 2.62 on my way to take bus at woodland customs, changed some and only realized back home that the actual rate I enjoyed was only 2.61. The receipt showed 2.61 too. Trusted the MC and ended with minor lost.
It really depend.. Sometimes SG is better.. & sometimes JB is better..
If anyone know today's best rate at JB, please update me..
I need to change some$$->RM but need to know what's the rate over at JB side before changing in SG or JB
Reuters rate 2.6790
This morning.. arcade rate 2.64
Hopefully can see 2.65 soon.. if Reuters rate stays above 2.68
Wow! That's fast!
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