(Updated)

O&G counters rise after extended OPEC+ production cuts pushed oil prices up

O&G counters rise after extended OPEC+ production cuts pushed oil prices up
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KUALA LUMPUR (March 5): Oil and gas (O&G) counters were actively traded this morning as oil prices soared after Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC)+ allies extended their production cuts.

TH Heavy Engineering Bhd was the most actively traded this morning, rising two sen or 16.67% to 14 sen. The counter had seen 136.06 million shares change hands.

Shares in Sapura Energy Bhd, Velesto Energy Bhd, Bumi Armada Bhd, Alam Maritim Resources Bhd and KNM Group Bhd were also among the most actively traded.

At 10am, Sapura Energy had extended half a sen or 3.45% to 15 sen; Velesto was unchanged at 16.5 sen; Bumi Armada gained 1.5 sen or 3.53% to 44 sen; Alam Maritim grew half a sen or 5.88% to nine sen; and KNM climbed half a sen or 2.56% to 20 sen.

Meanwhile, Petron Malaysia Refining & Marketing Bhd, which was among the top 10 gainers, jumped 11 sen or 2.36% to RM4.78.

Bloomberg reported today that oil prices jumped as Saudi Arabia and OPEC+ surprised the market with a decision to keep supply in check.

At the time of writing, Brent Crude oil prices were 0.27% higher at US$66.92 (RM272.25) per barrel, according to Bloomberg.

Lam Jian Wyn