Energy stocks advance as crude prices rise

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KUALA LUMPUR (Nov 28): Stocks in the energy sector on Bursa Malaysia ticked up at mid-morning today after crude oil prices rose.

At 10.03am, the Energy Index on Bursa Malaysia rose 0.41% or 3.89 points to 953.96.

Among the energy-related stocks that advanced at mid-morning were Barakah Offshore Petroleum Bhd, Carimin Petroleum Bhd, Hengyuan Refining Company Bhd, Hibiscus Petroleum Bhd, Icon Offshore Bhd, Perdana Petroleum Bhd, Petron Malaysia Refining & Marketing Bhd, Sapura Energy Bhd and Scomi Group Bhd.

Oil prices rose on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut, according to Reuters.

US West Texas Intermediate (WTI) crude futures were at US$52 (RM218.14) per barrel at 0027 GMT, up 44 US cents or 0.9% from their last settlement, it said.

International Brent crude oil futures had yet to trade.