KUALA LUMPUR:Oil and gas (O&G) related counters saw gains this morning as oil futures rallied by nearly 5% on Tuesday.
Bursa Malaysia’s Energy Index rose 18.75 points to 900.83. Sapura Energy Bhd, KNM Group Bhd, Bumi Armada Bhd, Velesto Energy Bhd and Hibiscus Petroleum were among the top actively traded counters on Bursa Malaysia.
Sapura Energy added 0.5 sen to 13 sen, KNM gained one sen to 21.5 sen and Bumi Armada climbed 1.5 sen to 36.5 sen. Velesto added 0.5 sen to 14.5 while Hibiscus rose one sen to 58.5 sen.
Oil prices climbed nearly 5% on Tuesday on the surprise Saudi Arabia will make voluntary cuts to its oil output, as well as Iron’s seizure of a South Korean vessel.
Brent crude futures rose US$2.51, or 4.9%, to settle at $53.60 a barrel. U.S. West Texas Intermediate crude ended $2.31, or 4.9%, higher at $49.93 a barrel, Reuters reported.
Saudi Arabia will make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March.
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