Quick take: O&G counters gain as Brent crude rises

KUALA LUMPUR: Oil and gas (O&G) stocks are among the most active counters on Bursa Malaysia in early trade Wednesday on stronger Brent crude oil price.

Reuters reported that oil prices rose nearly 2% on Tuesday after more U.S. states eased lockdowns and the European Union sought to attract travellers, though soaring Covid-19 cases in India capped gains.

Brent crude futures settled at US$68.88 a barrel, up US$1.32, or 1.95%.

U.S. West Texas Intermediate (WTI) crude futures rose by US$1.20, or 1.86%, to settle at US$65.69.

The Bursa Malaysia Energy Index rose 1.52%, or 13.62 points to 911.32.

KNM is the second most active counter on Bursa. It added 2.7%, or 0.5 sen to 19 sen with 59.16 million shares traded.

Velesto fell 3.13% to 15.5 sen and Sapura Energy unchanged at 14 sen.

Bumi Armada added 2.41%, or one sen to 42.5sen, Hibiscus gained 3.1%, or two sen to 66.5 sen and Uzma rose 3.6%, or 2.5 sen to 72 sen.

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Oil & Gas , Brent crude , WTI , KNM , Sapura Energy


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