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Oil price up 3% on Opec plan details, US-China trade hopes

NEW YORK: Oil prices rallied about 3 percent on Friday, boosted after OPEC detailed specifics on its production-cut activity to reduce world supply, and on signals of progress in resolving the U.S.-China trade war.

Futures were on track for a third straight week of gains, with Brent crude up $1.64 to $62.82 a barrel, or 2.7 percent, at 11:06 a.m. EST (1606) GMT. U.S. West Texas Intermediate (WTI) crude futures were up $1.70 to $53.77 a barrel, or 3.3 percent.

Oil set for longest weekly rally since October

SEOUL: Oil headed for its longest weekly rally in three months on expectations that production cuts by Opec and resilient fuel demand will keep global markets in balance.

CIMB Research retains Add for Bumi Armada, TP 70 sen

KUALA LUMPUR: CIMB Equities Research is retaining its Add recommendation for Bumi Armada with an unchanged sum-of-parts based target price of 70 senwith the key rerating catalyst being closure in the refinancing negotiations.

CIMB Research said Bumi Armada continues to negotiate for an extension to the May 2019F repayment deadline for US$380mil worth of corporate term loans with a consortium of banks.

Dialog aims to reduce volatility

PETALING JAYA: Dialog Group Bhd will focus on diversifying across the value chain with regard to its oil and gas business to reduce earnings volatility, according CIMB Research.

Quoting Dialog executive chairman Tan Sri Ngau Boon Keat(pic), the brokerage noted that Dialog would continue to work towards integrating the upstream-midstream-downstream aspects of its oil and gas businesses

B10 biodiesel switch mandatory

PUTRAJAYA: Petrol stations nationwide would have to switch to B10 biodiesel from the current B7 diesel blend by next month, said Primary Industries Minister Teresa Kok.

“The government has announced the B10 mandate for the transportation sector as part of the crude palm oil supply management mechanism to stabilise palm oil prices by reducing the high domestic stock level and increasing the sustainability of energy sources,” Teresa said

Korn Ferry sees 3.6% rise in real wages in 2019

KUALA LUMPUR: Real wages in Malaysia are expected to grow by 3.6 per cent in 2019, a slight increase from 3.5 per cent predicted last year, adjusted for an inflation rate of 1.4 per cent, according to the Korn Ferry 2019 Salary Forecast.

Bonuses for the construction sector are expected to be amongst the highest in 2019 at 2.8 months.

Hibiscus has its oil reserves estimated

PETALING JAYA: Hibiscus Petroleum Bhd has gross proven plus probable reserves (2P Reserves) and the gross contingent resources (2C Resources) of oil in the North Sabah Fields estimated to be 55.3 million stock tank barrels (MMstb) and 85.7 MMstb respectively, as of Dec 31, 2018, said independent oil and gas consultancy company RISC Advisory Pty Ltd.

Hibiscus’ indirect wholly-owned subsidiary, SEA Hibiscus Sdn Bhd (SEAH), had on Nov 1, 2018, appointed RISC to undertake an independent audit and provide an assessment of the reserves

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