Energy sector stocks fall as crude oil prices slip

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KUALA LUMPUR (Dec 5): Stocks in the energy sector fell as crude oil prices slipped this morning.

At 11.09am, the energy index on Bursa Malaysia fell 1.26% or 11.52 points to 900.86.

Among the energy sector stocks that fell were Alam Maritim Resources Bhd, Bumi Armada Bhd, Barakah Offshore Petroleum Bhd, Coastal Contracts Bhd, Dayang Enterprise Holdings Bhd, Deleum Bhd, Hibiscus Petroleum Bhd, Petra Energy Bhd, Perdana Petroleum Bhd, Petron Malaysia Refining & Marketing Bhd and Sapura Energy Bhd.

Oil prices fell 1 percent on Wednesday, weighed down by swelling U.S. inventories and a plunge in global stock markets amid concerns over an economic slowdown, according to Reuters.

U.S. West Texas Intermediate (WTI) crude futures were at $52.61 per barrel at 0128 GMT, down 64 cents, or 1.2 percent, from their last close, it said.

International Brent crude oil futures were down 56 cents, or 0.9 percent, at $61.52 per barrel, said Reuters.