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The ringgit opened lower against the US dollar after a chaotic overnight crude session in which WTI May futures fell to minus US$40.32 per barrel. Storage saturation forced sellers to pay buyers to take barrels.
Analysts warned that continued crude pressure would add downside risk to the ringgit.
Negative crude prices signal a severe demand collapse and storage crisis, which hurts oil-exporting currencies and energy-linked costs. This is a macro read-through rather than a direct grain or feed move.
nst.com.myBernamaApr 21, 2020Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
