KUALA LUMPUR (Feb 7): Malaysian shares and the ringgit may take the cue from overnight crude oil losses as investors eye corporate earnings during the current financial-reporting season. Crude oil prices, which fell close to 2% may direct the spotlight on shares of oil and gas support-service providers. The ringgit tracks crude oil prices as the commodity forms a crucial portion of the Malaysian economy. In crude oil markets, Brent dropped US$1.09 or 1.9% to US$55.72 a barrel while US oil declined 82 cents or 1.5% to US$53.01. Reuters reported that oil fell on Monday as ample US supplies and excess speculative length outweighed OPEC output curbs and rising tensions between the US and Iran.

Source: The Edge Markets February 06, 2017 23:53 UTC