O&G-linked stocks retreat as crude oil hovers below US$80 mark

TheEdge Wed, Dec 07, 2022 10:53am - 1 year View Original


KUALA LUMPUR (Dec 7): Oil and gas (O&G)-linked stocks on Bursa Malaysia retreated on Wednesday morning (Dec 7), as crude oil prices opened mixed, and hovered below the US$80 per barrel mark.

Among the decliners at the time of writing were Hibiscus Petroleum Bhd, which was down 3.64% or four sen to RM1.06 a share, followed by Perdana Petroleum Bhd, down 3.70% or half a sen to 13 sen, Bumi Armada Bhd, which dipped 2.02% or one sen to 48.5 sen, Velesto Energy Bhd, which dropped 5.88% or one sen to 16 sen, and Uzma Bhd, which shed 0.90% or half a sen to 55 sen.

Reuters said oil prices were mixed in early Asian trade on Wednesday after falling to their lowest settlement levels this year, as economic uncertainty and the prospect of higher interest rates pressured prices.

Brent crude futures had risen 17 cents, or 0.2%, at 0107 GMT to US$79.52 a barrel. In the last session, the benchmark fell below US$80 for the second time in 2022.

US crude futures fell three cents to US$74.22 a barrel.

Tuesday's slump was the largest daily decline in Brent prices since late September, which have traded in a US$62 range this year. 

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