KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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...