Oil prices edged lower on Thursday, extending losses from the previous session, after a report showing rising crude inventories in the US reinforced concerns that the global supply is more than sufficient to meet current fuel demand.

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IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan told Business Times that the local currency’s seven per cent rally against the US dollar reflects renewed market confidence in Malaysia’s macroeconomic management.

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Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018.

By Faiqah Kamaruddin

The ringgit continued to roll on and touched the 4.12 level at the opening on Wednesday, marking a new high in more than 13 months, buoyed by a softer US dollar following weaker US economic data.