Hibiscus Petroleum added that Carnarvon Hibiscus
PETALING JAYA: The surprise agreement by the Organisation of the Petroleum Exporting Countries (Opec) to reduce oil production sparked a rally in crude prices as well as Bursa Malaysia’s oil and gas (O&G) counters.
Crude oil prices advanced as much as 10% immediately following the announcement of Opec’s commitment to a first output cut in eight years. As at 5pm yesterday, Brent crude was last traded at US$52.49 per barrel, while WTI rose to US$49.93 per barrel.
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