Energy stocks trade mixed as crude oil prices stay volatile

Energy stocks trade mixed as crude oil prices stay volatile
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KUALA LUMPUR (Nov 9): Energy stocks on Bursa Malaysia traded mixed in the mid-morning on Wednesday (Nov 9), as crude oil prices remained volatile against the backdrop of rising coronavirus cases in China and impending lockdowns there.

Meanwhile, Reuters said oil prices were mostly unchanged in early trade on Wednesday, after sliding 3% in the previous session on worries about demand stalling on potential new lockdowns in top oil importer China as Covid-19 cases rebound.

Brent crude futures had risen two cents to US$95.38 a barrel by 0126 GMT, while US West Texas Intermediate crude futures slipped four cents to US$88.87 a barrel.

At the time of writing, KNM Group Bhd had jumped 25% or one sen to five sen. Velesto Energy Bhd added 3.85% or half a sen to 13.5 sen.

Among the decliners on the local bourse, Sapura Energy Bhd fell 12.50% or half a sen to 3.5 sen, Hibiscus Petroleum Bhd shed 0.96% or one sen to RM1.03, Icon Offshore Bhd dipped 3.57% or half a sen to 13.5 sen, Dayang Enterprise Holdings Bhd was down 1.59% or two sen to RM1.24, and Henguang Refining Company Bhd fell 3% or 14 sen to RM4.53, while Dialog Group Bhd was down 1.94% or four sen to RM2.02.