Oil strikes 2018 highs on demand recovery, Iran nuclear talks
By Florence Tan
Reuters
SINGAPORE (Reuters) - Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week.
Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.
Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.
By Florence Tan SINGAPORE (Reuters) - Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week. Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.
Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.
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SINGAPORE Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week’s OPEC+ as the United States and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports.
Brent crude for August had slipped 16 cents, or 0.2%, to $76.02 a barrel by 0318 GMT while U.S. West Texas Intermediate crude for August was at $73.93 a barrel, down 12 cents, or 0.2%.
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Monday, 28 Jun 2021 12:36 PM MYT
Reiterating its annual inflation forecast for 2021 at 3.1 per cent year-on-year, CGS CIMB also expects Bank Negara Malaysia to maintain the overnight policy rate (OPR) at 1.75 per cent for the second half of this year. Bernama pic
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KUALA LUMPUR, June 28 CGS CIMB expects the headline inflation to decelerate further for the rest of the year, as the Full movement control order (FMCO) will likely keep the economy operating below its potential for an extended period of time, warranting an accommodative monetary policy.
Reiterating its annual inflation forecast for 2021 at 3.1 per cent year-on-year (y-o-y), the research firm also expects Bank Negara Malaysia (BNM) to maintain the overnight policy rate (OPR) at 1.75 per cent for the second half of this year.
KUALA LUMPUR (June 28): Bursa Malaysia opened the new week in negative territory as sentiment was affected by the extension of the movement control order 3.0 (MCO 3.0).
At 9.05am, the benchmark FBM KLCI had slid 7.88 points to 1,551.80 from last Friday’s close at 1,559.68.
The market bellwether opened 2.22 points lower at 1,557.46.
The broader market saw losers outpacing gainers 328 to 99, while 241 counters were unchanged, 1,569 untraded and 42 others suspended.
Turnover stood at 302.25 million units valued at RM126.49 million.
Malacca Securities said the local bourse may see another round of pullback following the extension of the nationwide lockdown as daily new Covid-19 cases remained above the 4,000 mark.