THE STANDARD
FINANCIAL STANDARD
Declining chart of crude oil barrels.
Oil advanced in Asian trading with the market focused on the Organisation of the Petroleum Exporting Countries (OPEC+) supply policy meeting early this week and any commentary around the prospect for returning Iranian supply.
Futures in New York rose toward $67 (Sh7,169) a barrel after falling 0.8 per cent on Friday. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday, according to a Bloomberg survey last week.
While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook.
Investors worried about rising inflation should keep an eye on what's happening at the pump. US gas prices hit their highest level in seven years during a busy
OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply. The Organization of the Petroleum Exporting Countries and allies – known as OPEC+ – decided in .
KUALA LUMPUR: The ringgit opened higher against the US dollar today, fuelled by increasing oil prices because of the anticipated lower production and ahead of US economic data expectations.