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.