# Ringgit to endure volatility amid lower oil prices, increased virus fears

> Analysts expect the ringgit to face a rough week as lower oil prices follow the collapse of OPEC+ talks and add to pressure from Covid-19 concerns. A Sunway University economist said oversupply is likely to push oil prices lower, and that the ringgit's direction will depend heavily on the virus's impact on China.

- Date: 2020-03-09 · published 2020-03-09T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/54382-ringgit-to-endure-volatility-amid-lower-oil-prices-increased-virus-fears
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected ringgit weakness and lower oil prices raise the cost of dollar-priced feed imports for Malaysian buyers, while the oversupply signal points to continued energy weakness.

## Read by commodity

- BRENT: bearish ▼
- USDMYR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -5.0% | -51.1% |
| BRENT | 2022-08-04 | [Oil prices hit lowest since Ukraine invasion amid recession fears \| Reuters](https://feedsoft.ai/events/12795-oil-prices-hit-lowest-since-ukraine-invasion-amid-recession-fears-reuters.md) | +1.9% | -2.8% |
| BRENT | 2022-12-06 | [Ringgit ends lower against US dollar as oil prices decline \| Malay Mail](https://feedsoft.ai/events/38501-ringgit-ends-lower-against-us-dollar-as-oil-prices-decline-malay-mail.md) | -6.1% | -7.8% |
| BRENT | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.6% | -53.2% |
| BRENT | 2021-08-19 | [Falling oil prices increase pressure on oilseed markets](https://feedsoft.ai/events/11363-falling-oil-prices-increase-pressure-on-oilseed-markets.md) | +5.5% | +9.8% |

## Sources

- themalaysianreserve.com: https://themalaysianreserve.com/2020/03/09/ringgit-to-endure-volatility-amid-lower-oil-prices-increased-virus-fears/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.