Oil & gas market rally in Malaysia fizzles out

SapuraKencana's rig making facility

PETALING JAYA: The recent surge in oil and gas (O&G) counters is fizzling out as new data indicates that the industry’s fundamentals still have some way to go before it catches up with the recovery in sentiment recently, say analysts.

The major downturn in equities in recent days has also wiped out a large chunk of the gains in O&G counters, which had previously rallied in line with rising crude oil prices.