Peak supply of crude oil will be in June 2015. So, can wait.
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
mmmm..but I read OPEC next meeting also sometime in June 15...they may cut supplies ?
U need to have both CIMB bank a/c on Sg and My for the transfer. No service charge for the transfer. There is one CIMB branch near Wong Ah Fook road. To be exact, it's located at Jalan Sengget. Just use Google map and u will know the location.
Definitely RM will be pushed down lower by glut in oil supply.
Oil prices drop to 5-year low on oversupply
9 Dec 5:50 AM
London
BRENT crude oil fell more than US$2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after Opec (Organization of the Petroleum Exporting Countries) decided not to cut output.
Brent crude for January was down US$2.22 at US$66.85 a barrel by 1210 GMT, having fallen US$2.30 to US$66.77 - its lowest since October 2009. US crude was down US$1.60 at US$64.24 a barrel, after hitting a session low of US$64.14. The US contract, also known as West Texas Intermediate, touched US$63.72 last week, its lowest since July 2009.
In a report dated Dec 5, US investment bank Morgan Stanley said that oil prices could fall as low as US$43 a barrel next year. The bank cut its average 2015 Brent base-case outlook by US$28 to US$70 per barrel, and by US$14 to US$88 a barrel for 2016.
"Without Opec intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," Morgan Stanley analyst Adam Longson said.
At a meeting last month, top oil exporter Saudi Arabia resisted calls from poorer members of Opec to reduce production, driving a further slide in prices, which have lost more than 40 per cent since June.
The US shale industry has yet to be hit by the slump in crude prices, Baker Hughes said in a report on Friday, reporting that three new US oil-drilling rigs had been added in the last week. "It was just a small increase, but nevertheless it was an increase despite the sharp price drop," said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt. "Given continued oversupply and still no sign yet that US oil production starts to show any reaction, perhaps prices will continue to head lower," he added.
In Libya, state oil company NOC said on Sunday the country was producing 800,000 barrels per day, though its El Sharara oilfield was closed because of a pipeline blockade. REUTERS
http://www.businesstimes.com.sg/ene...t/oil-prices-drop-to-5-year-low-on-oversupply
Bro. Thanks.
Wait for another few days for Money changer to exhaust their old stock.
U r welcome. Sometimes it's safe and convenient to transfer online. U get what u c and the amount will reflect in ur CIMB M'sia instantly...
CIMB Online transferred this morning @2.614
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Clicked and go again : Exchange Rate : 2.6147
Need to do again tomorrow cause max only can transfer RM10K.
No need to do it by batches. Some agents can TT way above $10k RM.
Yes, Yes. after hitting 2.64, seems pulling back again. Maybe will place another round tonight..
No need la, unless making big ticket purchase, its only for daily expenses, paying bills with my debit card.
Oh I did not know you are a non-Malaysian! Or is it that you applied for SG citizenship?
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