Crude Prices Fall Below $90 as Oil Supply Recovers

The global oil supply is showing signs of recovery, which could bring relief to Malaysia as crude prices fall below $90 per barrel. The Middle East has resumed exporting oil at near pre-war levels, with Saudi Arabia resuming exports through its East-West pipeline at about half capacity.

Additionally, the US plans to release up to 40 million barrels from its Strategic Petroleum Reserve (SPR) in response to soaring fuel prices, further contributing to downward pressure on global crude prices. Brent crude traded around $96 per barrel after a sharp fall in the previous session.

The recovery in oil supply and demand could ease pressure on energy costs for Malaysia, but the country's reliance on dollar-denominated imports means that a stronger US dollar could offset some of these benefits.