The ringgit opened marginally higher against the US dollar today, supported by higher oil prices, with benchmark Brent crude nearing US$60 (RM242.88) per barrel, said an analyst. The local currency improved to 4.0470/0510 against the greenback from yesterday’s close at 4.0490/0530.
NewsWireNGR
Published 2 months ago
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The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) has commended the progress made by Nigeria to conform with the agreement on Crude oil production cut.
The group gave the commendation at the 26th Meeting of the JMMC held via video conference on Wednesday. It urged its members to remain optimistic about decisions that would drive the recovery of the global oil market.
“Since the April 2020 Ministerial Meeting, OPEC and non-OPEC countries have adjusted oil production down by a cumulative 2.1 billion barrels, stabilising the oil market and accelerating the rebalancing process.
forecasts
Oil Price Fundamental Daily Forecast – Firms after OPEC+ Maintains Production Cuts, US Inventories DrawOPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories.
Feb 04, 2021 10:52 AM GMT
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher on Thursday, helped by Wednesday’s government report that showed another draw in crude stockpiles, and after OPEC+ members agreed to continue its reduced output policy.
Additional support is being generated by optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program.
MABUX: Bunker market this morning, Feb.04, 2021
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO Gasoil) in the main world hubs) demonstrated upward changes on Feb.03:
380 HSFO – USD/MT – 371.30 (+3.65)
VLSFO – USD/MT – 472.44 (+6.59)
MGO – USD/MT – 526.18 (+6.63)
Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Feb.03 showed undercharging of 380 HSFO bunker grades in all ports (from -4USD to -12 USD). VLSFO is overcharged in all 4 hubs in a range of 12-17USD. MGO LS undervalued in all four major hubs.
Meantime, world oil indexes increased on Feb.03.
Kuwait oil price up by 87 cents to $58 32 pb kuwaittimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuwaittimes.net Daily Mail and Mail on Sunday newspapers.