Petroleum refineries bucking oil downtrend

Close watch: Night view of Shell Refining Company in Port Dickson. Investors are following closely what its controlling shareholder plans to do with its stake.

PETALING JAYA: Petroleum refineries are finding themselves in a sweet spot given that their raw material, crude oil, continues to trade in a bearish market.

Brent crude, the global benchmark, has fallen by more than 21% since early May when it was trading at the highest for the year. It closed at US$54.62 a barrel last Friday.