Energy stocks rise on firmer crude oil prices

Energy stocks rise on firmer crude oil prices

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KUALA LUMPUR (Jan 7): Oil and gas-related stocks on Bursa Malaysia rose this morning after crude oil prices advanced.

At 9.25am, the gainers included Alam Maritim Resources Bhd, Barakah Offshore Petroleum Bhd, Carimin Petroleum Bhd, Coastal Contracts Bhd, Dayang Enterprise Holdings Bhd, Deleum Bhd, Dialog Group Bhd, Hengyuan Refining Company Bhd and Hibiscus Petroleum Bhd.

Oil prices rose by around 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market, according to Reuters.

Brent crude futures were at $57.61 per barrel at 0111 GMT, up 55 cents, or 1 percent, from their last close, it said.

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.49 per barrel, up 53 cents, or 1.1 percent, said Reuters.