Saturday 27 Apr 2024
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KUALA LUMPUR (Feb 27): Stocks in the energy sector on Bursa Malaysia rose after crude oil prices firmed up.

The energy index on Bursa gained 0.89% or 8.57 points to 966.92.

At 11.20am, Alam Maritim Resources Bhd rose 5% to 10.5 sen, Bumi Armada Bhd was up 2.63% at 19.5 sen, Barakah Offshore Petroleum Bhd gained 5% to 10.5 sen, Carimin Petroleum Bhd added 4.93% to 74.5 sen, Coastal Contracts Bhd was up 4.90% to RM1.07, and Sapura Energy Bhd rose 1.64% to 31 sen.

Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump, according to Reuters.

US West Texas Intermediate (WTI) crude oil futures were at US$56.02 (RM227.75) per barrel at 0100 GMT, up 52 cents, or 0.9%, from their last settlement, the newswire said.

International Brent crude futures were at US$65.55 per barrel, up 34 cents, or 0.5% from their last close, it said.

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