Oil prices climb on weak dollar

  • Umno MP admits to Facebook photos of Karpal in death
    Umno MP admits to Facebook photos of Karpal in death

    KUALA LUMPUR, April 19 — Under-fire Umno lawmaker Datuk Nawawi Ahmad admitted today to uploading photos of slain DAP leader, Karpal Singh on the Internet using his smartphone. The Langkawi MP... …

  • We love you, Tiger of Jelutong, grandchildren bid Karpal farewell
    We love you, Tiger of Jelutong, grandchildren bid Karpal farewell

    The late Bukit Gelugor MP Karpal Singh was given a moving tribute and farewell by his grandchildren tonight, who vowed to take up the mantle of Tiger of Jelutong. The 11 grandchildren, aged between 1½ years and 11, showed the media a poster which they had made together. "Singh is King. We love you, Tiger of Jelutong. We will miss you. Jangan... …

  • ‘I’ll be the next Tiger of Jelutong’, says Karpal’s eldest grandson
    ‘I’ll be the next Tiger of Jelutong’, says Karpal’s eldest grandson

    GEORGE TOWN, April 19 — In a sign that Karpal Singh’s legacy will not be forgotten, his eldest grandson pledged today to become as fearless and dedicated a lawyer his late grandfather once was.... …

  • More seats will check gerrymandering, says opposition
    More seats will check gerrymandering, says opposition

    While Pakatan Rakyat supports the creation of more parliamentary seats in the next redelineation exercise as a means to check malapportionment, academics and non-governmental organisations have warned that it will not necessarily improve the quality of elected representatives. PAS election director Dr Mohd Hatta Ramli said the opposition pact... …

  • Learner drivers can take test in auto cars from June – Bernama

    The Road Transport Department (RTD) will allow learner drivers to be tested in automatic transmission vehicles starting in June. Deputy director-general of RTD Datuk Yusoff Ayob said there had been delays in implementing the move because of technical problems involving the printing of the driving education curriculum. "The printing of the... …

  • In Karpal, slain Beng Hock’s kin saw a beacon of hope
    In Karpal, slain Beng Hock’s kin saw a beacon of hope

    GEORGE TOWN, April 19 — The house at Number 144A Jalan Utama has seen a ceaseless stream of visitors since morning. They came from all walks of life, mostly in groups, sometimes alone to offer... …

Global oil prices advanced on Monday as traders took their cue from the weaker dollar, but the market trimmed earlier gains as exit polls showed no clear winner from Italy's general election, analysts said.

Brent North Sea crude for delivery in April rose 52 cents to $114.62 a barrel in late afternoon deals in London, having earlier rallied as high as $115.87.

New York's main contract, West Texas Intermediate (WTI) or light sweet crude for April, gained ten cents to $93.23 per barrel. It had earlier jumped to $94.46.

"A weak US dollar initially saw commodity prices push higher with Brent and WTI oil prices quite a bit higher on the back of higher equity markets," said CMC Markets analyst Michael Hewson.

"The afternoon equity market sell-off and rebound in the US dollar soon put paid to most of those gains."

European stock markets rode an Italian election rollercoaster on Monday, rising as exit polls initially tipped a centre-left victory but then dipping as it emerged a coalition may be needed.

And in foreign exchange deals, the European single currency briefly soared above $1.33 on the prospects of a clear win by Italy's centre-left, but then fell back to $1.3197. That was still up marginally from $1.3189 on Friday.

A struggling greenback makes dollar-priced oil cheaper for buyers using stronger currencies, stimulating demand and sparking higher crude price levels.

"Sentiment turned after forecasts from early vote count in Italy's election showed Silvio Berlusconi was ahead in the Senate," said analyst Fawad Razaqzada at GFT Markets.

"This caused the euro to drop sharply, causing the US dollar and other safe-haven assets to rise."

Billionaire and three-time prime minister Berlusconi, 76, had waged a populist campaign, blaming the Germans for Italy's economic woes and promising to refund an unpopular property tax to Italians.

Meanwhile the centre-left led by Pier Luigi Bersani had pledged to continue with budget discipline if he won the election, to the delight of financial markets.

The oil market had fallen in Asian deals on Monday after news of a slowdown in manufacturing activity in China, which is the biggest global energy consumer.

China's manufacturing growth hit a four-month low in February but remained positive, British banking giant HSBC said Monday, but also noted that the world's second-biggest economy was still recovering slowly.

The bank's preliminary purchasing managers' index (PMI) stood at 50.4 for the month, down from a final 52.3 in January, it said in a statement. The figure was seasonally adjusted to take account of the Lunar New Year holiday that fell in the middle of the month.

A reading above 50 indicates expansion and it was the fourth consecutive month of growth, after 12 months of contraction.

Last week, crude futures had dived on worries of an end to the US stimulus programme amid global economic strains and weak demand for oil in top consumer nation the United States, traders said.

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  • Langkawi MP unrepentant, continues insults on late Karpal, says Facebook user The Malaysian Insider
    Langkawi MP unrepentant, continues insults on late Karpal, says Facebook user

    A Barisan Nasional MP whose Facebook posting poking fun at the death of Karpal Singh shocked Malaysians has again insulted the late DAP leader, this time comparing him to a hostile figure in Islamic history who fought against Prophet Muhammad. Facebook user Shamsul Kamal Ariffin Mohd Nasir, 42, told The Malaysian Insider that Langkawi MP,... …

  • Karpal’s car crashed into lorry, not the other way around, says Perak police The Malaysian Insider
    Karpal’s car crashed into lorry, not the other way around, says Perak police

    Initial investigations have revealed that Karpal Singh’s Toyota Alphard crashed into a five-ton lorry in the accident yesterday that claimed his life and that of his assistant, Perak police said today. State police chief Datuk Acryl Sani Abdullah Sani also dismissed rumours and speculation that the accident was caused by the lorry crashing... …

  • Interfaith group ‘worried’ that ex-judge can have such ‘racist’ views The Malay Mail Online
    Interfaith group ‘worried’ that ex-judge can have such ‘racist’ views

    KUALA LUMPUR, April 19 — An interfaith group expressed shock today at the “racist” views of a former high-ranking judge who had called the presence of large Hindu and Buddhist statues in the... …