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Crude Oil Finish The Week Close To USD73


After nearing the USD75 mark at the beginning of last week, WTI oil succumbed to some profit-taking and fell below USD70 on an intraday basis on Thursday 27 August. Prices then recovered to finish the week close to USD73. Oscillating prices may remain the key dynamic in the oil market over the coming weeks as demand improves from a low base and economic conditions remain at an inflection point.

Last week, the premium for WTI over dated Brent averaged USD0.48 on a daily basis compared to an average daily discount of USD1.88 over the prior 30 trading sessions. This suggests that the fundamentals in the U.S. market are strengthening. In the short to medium term, investor sentiment regarding the demand outlook may be the determining factor, either pushing prices above USD75 or pressuring prices lower back into the USD65 - USD70 range.

Back to Malaysia today the RON95 petrol which will replace RON97 will be retailed at RM1.80 per liter, said Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob.RON97 had been upgraded as a premium petrol with a price of RM2.05 per liter.


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