Steady oil prices fuel Ringgit higher

The ringgit reversed earlier losses to close firmer against the US dollar today as rising in crude oil prices coupled with rally in metals sparked positive sentiment globally, dealers said.

At 6 pm, the local unit stood at 4.0810/0850 against the greenback from 4.0830/0860 on Tuesday.

It fluctuated in a tight range of between 4.0800 and 4.850 throughout the day.

The crude oil prices increased sharply to over US$66 per barrel, its highest level since mid-2015 following an explosion on a pipeline carrying oil to Libya’s largest oil port, cutting output by up to 100,000 barrels a day, a dealer said.

The dealer also said prospects for solid growth outlook on higher metal prices, with copper rallied to its highest level since 2014, further boosted the sentiment.