KUALA LUMPUR (March 8): Bursa Malaysia’s Energy Index, which tracks share prices of oil and gas (O&G) related companies, rose over 5% in morning trade today to become the top percentage gainer among bourse gauges after crude oil prices rose to surpass US$70 (RM285.67) a barrel as investors evaluated a stronger-than-expected US employment report, the decision by OPEC and its allies to not raise oil supply, and news of Yemen's Houthi forces firing drones and missiles at the heart of Saudi Arabia's oil industry.

At 9.18am, the Energy Index was 51.39 points or 5.4% higher at 1,002.9 as share prices of companies including Sapura Energy Bhd and Velesto Energy Bhd gained among Bursa’s most active stocks.

At 9.19am, Sapura Energy had climbed 1.5 sen or 10% to 16.5 sen, while Velesto added two sen or 11.43% to 19.5 sen.

Sapura Energy had seen some 121 million shares traded, while Velesto registered a volume of about 86 million units.

Globally,  it was reported today that oil prices were up to their highest levels in more than a year after Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry yesterday, raising concerns about production.

It was reported that prices had already been supported by a decision by OPEC and its allies not to increase supply in April. It was reported that Brent had climbed US$1.09 a barrel to US$70.45, while US crude was US$1.08 higher at US$67.17 per barrel.

"Oil prices jumped about 3% last Friday, hitting their highest levels in more than a year, following a stronger-than-expected US jobs report and a decision by OPEC and its allies not to increase supply in April,” Reuters reported.

In Malaysia today, analysts said the O&G industry is among sectors deemed to benefit from economic recovery plays amid Covid-19 vaccine-driven economic recovery hopes.

"With economic recovery plays gaining traction on reopening optimism, sectors deemed to benefit most from reopening of the domestic economy, such as banking, gaming, property, O&G and transportation, should continue to perform well,” TA Securities Holdings Bhd analysts wrote in a note today.