KUALA LUMPUR: The ringgit weakened against the US dollar in the early trading session today on lingering concerns over Covid-19 and plunging global oil prices, dealers said.

At 9.07am, the local note eased to 4.2330/2370 against the greenback from Monday's close of 4.2130/2170.

AxiCorp chief market strategist Stephen Innes said the crash in oil prices has reverberated through financial markets following the collapse of an oil supply pact between the Organisation of Petroleum Exporting Countries (OPEC) and Russia on Friday.

"Markets are in the process of pricing in an all-out oil price war, anticipating that producers will work to balloon market share against the backdrop of a Covid-19-driven global demand shock," he said in a note today.

Brent crude, the benchmark oil price, recovered 5.7 per cent to US$36.32 per barrel as of last count.

The ringgit was traded mixed against other major currencies.

The domestic unit strengthened against the British pound to 5.5236/5297 from 5.5325/5395, and appreciated against the yen to 4.0895/0945 from 4.1086/1137.

It fell against the Singapore dollar to 3.0565/0612 from 3.0428/0467, and was sharply lower against euro to 4.8176/8238 from 4.7982/8044. - Bernama