GEORGE TOWN (Bernama): The government will only recalibrate the 2019 Budget if average crude oil price dip below US$50 (RM210) per barrel, says Finance Minister Lim Guan Eng. The Ministry of Finance prepared next year’s budget based on crude oil prices of US$70 (RM293) per barrel. Lim said there was no necessity now to recalibrate the budget as the government was looking at average crude oil prices and not daily prices. "You know nowadays, Donald Trump (President of the United States) says something and it will affect the price (of crude oil). Rising crude oil inventories and expected increases in shale production were weighing on oil prices but the price crash was accentuated by the broader sell-off in financials.

Source: The Star December 23, 2018 03:56 UTC