As Oil Prices Touched Three-year Highs, The Bursa Energy Index Rose The Most

0 8

After oil prices touched three-year highs, the Bursa Malaysia Energy Index gained 19.78 points, or 2.78 percent, to 731.32 this morning, becoming the best percentage gainer among market gauges.

the O&G index was up 16.28 points or 2.29 percent at 10:19 a.m.

As the most actively traded stock, KNM Group Bhd saw its value rise by 2.5 sen, or 10.87 percent, to 25.5 sen a share.

With 73.69 million shares traded as of 10:19 a.m., the counter was down two sen or 8.7 percent at 25 sen.

Bumi Armada Bhd climbed by one sen or 2.27 percent to 45 sen, while Perdana Petroleum Bhd increased by half a sen or 4.35 percent to 12 sen.

For the first time since July, energy companies have been compelled to remove considerable amounts of petroleum from stockpiles due to disruptions in global output, while a European natural gas crisis has driven costs higher across the continent.

Brent crude oil was trading at US$79.35 (about RM332) a barrel at the time of writing, while West Texas Intermediate crude was trading at US$75.19, up US$1.26.

In a report quoted by Reuters, ANZ Research warned that supply tightness “continued to drag on stockpiles across all areas”.

According to ANZ analysts, rising gas prices also contributed to an increase in oil prices because the liquid became substantially less expensive for use in power generation as a result.

Published by Zack Baharum

Leave A Reply

Your email address will not be published.