All eyes on the oil price

PETALING JAYA: With the oil and gas (O&G) counters on Bursa Malaysia witnessing share price increases over the past week, in tandem with the elevated oil prices since the beginning of February, analysts are cautiously optimistic and bracing in hope that the commodity does not breach US$90 a barrel.

A host of local O&G players such as Dayang Enterprise Holdings Bhd, Petronas Dagangan Bhd, Petronas Chemicals Group Bhd and Bumi Armada Bhd have seen their stock rise, as the ongoing Middle East tensions is largely believed to have contributed to the price of Brent crude oil ballooning to over US$81 a barrel from about US$76.80 on Feb 2.