Energy-related stocks retreat as crude prices remain pressured

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KUALA LUMPUR (Nov 22): Energy-related stocks on Bursa Malaysia retreated at mid-morning today as crude oil prices remained pressured.

Oil markets started Thursday timidly, with rising US crude inventories pressuring prices, but an expected supply cut by producer cartel OPEC offered some support, according to Reuters.

US West Texas Intermediate (WTI) crude futures were at US$53.71 per barrel at 0051 GMT, 8 US cents above their last settlement, it said.

At 9.56am, the Energy Index shed 0.31% or 3.07 points to 993.13.

The energy stocks that fell included Carimin Petroleum Bhd, Daya Materials Bhd, Dialog Group Bhd, Hengyuan Refining Company Bhd, Hibiscus Petroleum Bhd, KNM Group Bhd, Sapura Energy Bhd, Scomi Group Bhd and Sumatec Resources Bhd.