Kuala Lumpur: The Malaysian rubber market snapped a four-day winning streak to close lower on Thursday, weighed down by losses in regional rubber futures markets, a sharp drop in crude oil prices, and the continued strengthening of the ringgit against the US dollar, said a dealer.

According to BERNAMA News Agency, the dealer revealed that oil prices fell by over US$1 per barrel on Thursday amid expectations of a potential US-Iran nuclear deal, while a surprise build-up in US crude oil inventories last week further fuelled investor concerns over a supply glut.

Market sentiment was also dampened by lingering uncertainties surrounding US-China trade policies following the 90-day truce. The ringgit strengthened against the US dollar amid concerns over potential trade deals and the Federal Reserve’s interest rate path.

The dealer noted that further losses were capped by the positive progress of the US-China trade truce and encouraging global auto sales data. Meanwhile, as of 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber (SMR) 20 declined by 11 sen to 769 sen per kilogramme (kg), while latex in bulk was down by 4.0 sen to 612 sen per kg.