Quick take: Oil and gas counters fall after oil price crashes

KUALA LUMPUR: Oil and gas counters on Bursa Malaysia tumbled in early trade Tuesday dragged down by falling crude oil prices.

Reuters reported that US crude oil jumped more than US$20 per barrel on Tuesday but still traded below US$0 after plunging into negative territory for the first time in history, dragged down by a supply glut and sagging demand for crude due to the coronavirus pandemic.

West Texas Intermediate (WTI) crude for May delivery was up US$21.96 at -US$15.67 a barrel by 2214 GMT after settling down at a discount of US$37.63 a barrel in the previous session.

The steep drop for oil prices sent oil and gas counters lower on Bursa Malaysia.

Hibiscus, the third most active counter on Bursa Malaysia fell 4.3%, or two sen to 44.5 sen with 49.6 million shares done.

Sapura Energy fell 10%, or one sent to nine sen, Velesto shed 6.25%, or one sen to 15 sen, Bumi Armada unchanged at 17.5 sen.

Shares in refiners Hengyuan Refining and Petron Malaysia fell 10 sen to RM3 and 19 sen to RM3.81 respectively.

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oil and gas , Sapura Energy , Hibiscus , Velesto


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