Energy sector stocks retreat as crude oil prices cool off

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KUALA LUMPUR (Sept 18): Energy sector stocks on Bursa Malaysia retreated this morning after crude oil prices cooled off.

Oil prices extended their losses from the previous session on Wednesday, after Saudi Arabia's energy minister said the Kingdom will restore lost oil production by the end of the month, according to Reuters.

But investors remained cautious of potential tension in the Middle East after the United States said it believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran. Iran has denied involvement in the strikes, it said.

Brent crude oil futures fell 36 cents, or 0.6%, to $64.19 a barrel by 0005 GMT, after tumbling 6.5% the previous session.

At 9.15am on Bursa Malaysia, the declining energy sector stocks included Alam Maritim Resources Bhd (-5%), Bumi Armada Bhd (-3.17%). Hibiscus Petroleum Bhd (-2.45%), Sino Hua-An International Bhd (-3.57%), Petra Energy Bhd (-2.80%),Sapura Energy Bhd (-1.69%) and Scomi Group Bhd (-6.67%).