Consumerist: Oil Prices Down – So Malaysia Will Pump Prices Now Go Down Here?

Dato Jacob George

Consumerist: Oil Prices Down – So Malaysia Will Pump Prices Now Go Down Here?

I am sure many millions are happy that global oil prices fell on yesterday following a surprising increase in US crude inventories.

For a fact – US oil benchmark West Texas Intermediate for November delivery shed 47 cents on the New York Mercantile Exchange to $102.66 a barrel, dropping for a fifth day in a row.

European benchmark Brent oil for November delivery fell 32 cents to $108.32 a barrel.

The US Energy Information Administration (EIA) stated too that American crude reserves soared by 2.6 million barrels in the week ending September 20.

As expected refineries were taking in less oil, running at 90.3 percent of capacity, down from 92.5 percent the prior week, likely due to greater-than-expected refinery maintenance.

The decline in oil also comes amid fresh signs of a possible warming of relations between Iran and the West, which conceivably could lead to an easing of sanctions and allow Iran to export more oil more freely.

However, will it now result in the price of the pump going down – hello Malaysia?

Apa macam lo?