Energy stocks retreat as crude oil prices remain under pressure

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KUALA LUMPUR (Nov 26): Stocks in the energy sector on Bursa Malaysia fell this morning as crude oil prices remained under pressure following the slump last Friday.

Oil prices won back some ground after hefty losses on Friday, but remained under pressure with Brent crude below US$60 (RM251.61) per barrel amid weak fundamentals and struggling financial markets, according to Reuters.

Front-month Brent crude oil futures were at US$59.20 per barrel at 0049 GMT, up 40 US cents, or 0.7%, from their last close, the newswire said.

At 11.05am, the Energy Index on Bursa Malaysia fell 1.28% or 12.51 points to 964.90.

Among stocks that fell were Alam Maritim Resources Bhd, Bumi Armada Bhd, Barakah Offshore Petroleum Bhd, Dayang Enterprise Holdings Bhd, Dialog Group Bhd, Hengyuan Refining Company Bhd, Hibiscus Petroleum Bhd and Perisai Petroleum Teknologi Bhd.