Energy stocks rise as crude oil price firms up

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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 Malaysia gained 0.79% or 7.55 points to 965.90.

At 9.20am, the gainers included Alam Maritim Resources Bhd, Carimin Petroleum Bhd, Dayang Enterprise Holdings Bhd, Deleum Bhd, Hibiscus Petroleum Bhd and Sapura Energy Bhd.

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 U.S. President Donald Trump, according to Reuters.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.02 per barrel at 0100 GMT, up 52 cents, or 0.9 percent, from their last settlement, it said.

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