PETALING JAYA: The continued spike in crude oil prices has strengthened the ringgit further against the US dollar.
Yesterday, the international benchmark Brent crude oil soared to US$63.52 per barrel a day, the highest in 13 months, as fears of heightened tensions in the Middle East, as well as hopes that a US stimulus and an easing of lockdowns will boost fuel demand this year.
The price was the highest level since January 2020, when Brent crude oil last averaged US$64 per barrel before falling to an average of US$18 per barrel in April, which was the lowest in 22 years, due to the plunge in consumption amid the lockdown measures across the globe and Covid-19 pandemic fallout.
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