KUALA LUMPUR: Oil and gas (O&G) stocks are among the most active stocks on Bursa Malaysia in early trade Friday as oil prices hit its highest in over a year.
Reuters reported that Brent crude rose US$2.67, or 4.2%, to settle at US$66.74 a barrel, after rising to US$67.75, its highest since January 2020.
U.S. crude futures ended US$2.55, or 4.2%, higher at US$63.83, having also scaled a January 2020 peak, at US$64.86.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers said that they would largely roll over production cuts during the month of April. Russia and Kazakhstan were granted exemptions to increase their output by a small amount.
“Oil prices could rip higher now that a tight market is likely up through the summer. WTI Crude at US$75 no longer seems outlandish and Brent could easily top US$80 by the summer,” said Edward Moya, senior market analyst at OANDA.
On Bursa today, Sapura Energy added 0.5 sen to 15 sen with 47 million shares done.
Velesto rose 0.5 sen to 17 sen with 37 million shares traded while KNM gained one sen to 20.5 sen with 21 million shares done.
Alam Maritum added 0.5 sen to nine sen and Bumi Armada rose 1.5 sen to 44 sen.