Contrasting fortunes for airlines and O&G players as crude oil price stays weak

-A +A

KUALA LUMPUR (Nov 14): Shares in the aviation, and oil and gas-related sectors saw contrasting movements this morning following the slump in crude oil prices.

At 9.29am, shares in AirAsia Group Bhd soared 5.62% or 15 sen to RM2.82 while AirAsia X Bhd rose 4.08% or 1 sen to 25.5 sen.

Meanwhile, Hibiscus Petroleum Bhd fell 3.64% or 4 sen to RM1.06, Reach Energy Bhd was down 3.70% or 1.5 sen to 39 sen while Bumi Armada Bhd dipped 1.45% or 0.5 sen to 34 sen.

Reuters reported that oil markets remained on a weak footing on Wednesday after a 7% slump the previous session, with surging supply and expectations of faltering demand pressuring crude prices.

It said US West Texas Intermediate (WTI) crude oil futures were at US$55.66 per barrel at 0043 GMT, down 3 cents from their last settlement.