Ringgit Closes Slightly Higher Against Greenback On Oil Price Hike

KUALA LUMPUR, Dec 21 (Bernama) -- The ringgit closed marginally higher against the US dollar Wednesday, supported by improved crude oil prices. At 6 pm, the ringgit was quoted at 4.4770/4820 against the greenback from Tuesday's close of 4.4780/4810. A dealer said the global benchmark Brent crude oil futures added 0.79 per cent to US$55.59 per barrel and the US West Texas Intermediate futures rose 0.81 per cent to US$53.73 per barrel on Wednesday, due to an expectation of a decline in US crude oil inventories. "The ringgit was unlikely to continue falling as the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, including Malaysia, agreed to cut oil production on Dec 10 this year," he said. Petroliam Nasional Bhd (Petronas) announced Wednesday that it would cut up to 20,000 barrels per day of its crude oil production beginning January 2017. Against other major currencies, the local unit traded mostly easier. It depreciated against the Singapore dollar to 3.0989/0034 from Tuesday's 3.0928/0970, shed against the yen to 3.8083/8138 from 3.7920/7962 and fell against the euro to 4.6543/6613 from 4.6495/6531 Tuesday. However, the local note rose vis-a-vis the British pound to 5.5188/5268 from 5.5447/5502 Tuesday. -- BERNAMA