Oil stocks run out of gas

Brent crude futures slipped 26 cents to settle at US$75.08 a barrel, while U.S. West Texas Intermediate crude futures fell 78 cents, or 1.2 percent, to settle at $65.07 a barrel. Russia plans to propose increasing oil production by the OPEC+ deal members by 1.5 million barrels per day, Energy Minister Alexander Novak told reporters, days ahead his visit to Vienna for the related summit. (A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia. - Reuters filepic)

PETALING JAYA: The strong recovery enjoyed by oil and gas (O&G) stocks since the start of the year seems to have come to an abrupt halt.

O&G counters have seen a sharp fall over the past few days, as investors took profit and appeared to be taking a breather from the sector while waiting for the companies to deliver their earnings.