KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
US crude oil exports, which have seen years of robust growth, are expected to plateau in 2024, reflecting a broader slowdown in both domestic production and global demand. This year, US crude exports averaged around 4.2 million barrels per day, marking a modest 3.5% increase from the previous year—the smallest annual growth since the US lifted its crude export ban in 2015. This contrasts sharply with the 13.5% export growth seen in 2022. Key Takeaways: Slowing Domestic Production : US oil production is set to rise by just 2.3% in 2024, a notable deceleration as shale producers prioritize shareholder returns over expanding output. Offshore projects, such as Chevron's Anchor platform in the Gulf of Mexico, are expected to contribute to future production increases, but these will ramp up gradually over the coming years, limiting their immediate impact on export volumes. Weak Global Demand, Especially in Asia : The global demand for oil has been sluggish, with China—a major buyer—see...