Energy stocks retreat as crude oil prices fall

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KUALA LUMPUR (Feb 26): Stocks in the energy sector on Bursa Malaysia came under pressure in the morning session today after crude oil prices fell.

At the midday break, Bursa's Energy Index fell 1.91% or 18.90 points to 970.80.

Among the laggards in the energy sector this morning were Wah Seong Corp Bhd, Deleum Bhd, Scomi Group Bhd, Barakah Offshore Petroleum Bhd, Perdana Petroleum Bhd, Carimin Petroleum Bhd, Icon Offshore Bhd, Reach Energy Bhd, Hibiscus Petroleum Bhd, and Bumi Armada Bhd.

Reuters reported that oil futures tumbled more than 3% on Monday in their largest daily percentage drop this year after US President Donald Trump called on OPEC to ease its efforts to boost crude prices, which he said were "getting too high".

On Monday, Brent crude futures fell US$2.36 (RM9.61), or 3.5%, to settle at US$64.76 a barrel. US crude ended US$1.78, or 3.1%, lower at US$55.48.

At the time of writing, Brent crude futures were down 0.43% at US$64.63 per barrel, while WTI crude were down 0.61% at US$55.14 per barrel.