KUALA LUMPUR: The ringgit eased against the US dollar in the early session today, tracking a weaker oil market ahead of the three-day informal meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Algiers beginning today.
At 9.00 am, the ringgit was quoted at 4.1250/1290 against the greenback from 4.1100/1170 last Friday.
Brent crude oil was down by 3.5 per cent to US$45.98 a barrel on Friday while US West Texas Intermediate crude fell 3.8 per cent to US$44.56 per barrel, amid investor scepticism over OPEC’s willingness to cooperate and ease a supply glut that has dragged down prices for two years.
Against other major currencies, the ringgit was also traded lower.
It declined against the Singapore dollar to 3.0355/0396 from Friday’s 3.0256/0319 and went down against the yen to 4.0910/0966 from 4.0721/0795.
The local unit declined against the British pound to 5.3551/3611 from 5.3475/3587 and eased against the euro to 4.6328/6377 from 4.6085/6168 on Friday. -- Bernama