THE ringgit retreated from its gains last week to open lower against the US dollar today as the surprise move by the Organisation of Petroleum Exporting Countries and its allies (Opec+) over the weekend affected market sentiments, an economist said. 

Yesterday, Saudi Arabia and other Opec+ oil producers reportedly announced a further reduction of its production quota by more than 1.2 million barrels per day. 

At press time, the benchmark Brent crude oil rose by 5.70% to US$84.44 (RM373.27) per barrel.

At 9am, the local note fell to 4.4200/4240 versus the US dollar compared with last Friday’s closing rate of 4.4120/4170. – Bernama, April 3, 2023.