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NEW YORK: Oil prices climbed about three per cent on Tuesday on signs of higher demand in Europe and China, lower production in the US, tensions in the Middle East and as buyers emerged the day after prices fell to a four-year low.

HLIB Research has retained a target of 1,690 points based on a conservative 14.5 times price-to-earnings ratio for the local bourse’s benchmark KLCI.

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Oil prices steadied on Thursday after falling more than US$1 in the previous session as uncertainty over the outcome of trade talks between the US and China.

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US stock futures and Chinese markets rose on Wednesday.

The ringgit extended gains, opening stronger against the US dollar on Tuesday, supported by ongoing positive sentiment towards the local currency, said an analyst.