O&G stocks fall as oil prices hover near two-month lows

O&G stocks fall as oil prices hover near two-month lows
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KUALA LUMPUR (Nov 21): Oil and gas-linked stocks on Bursa Malaysia fell on Monday (Nov 21), as oil prices hovered near two-month lows as supply fears receded, while concerns over China's fuel demand and rising interest rates weighed on prices.

The energy index at 9.49am had slipped 1.38% or 10 points to 713.33.

Among energy-linked stocks, Hibiscus Petroleum Bhd fell 3.05% or three sen to 95.5 sen, Bumi Armada Bhd dipped 1.20% or half a sen to 41 sen, Sapura Energy Bhd lost 12.50% or half a sen to 3.5 sen, Dialog Group Bhd was down 2.86% or six sen to RM2.04, Coastal Contracts Bhd shed 1.88% or four sen to to RM2.09, Hengyuan Refining Company Bhd was down 1.98% or nine sen to RM4.45, while Alam Maritim Resources Bhd lost 25% or half a sen to 1.5 sen.

Reuters said Brent crude futures for January had slipped 28 cents, or 0.3%, to US$87.34 a barrel by 0103 GMT after settling at their lowest since Sept 27. 

US West Texas Intermediate crude futures for December were at US$80 a barrel, down eight cents, ahead of the contract's expiry later on Monday.

The more active January contract fell 21 cents to US$79.90 a barrel, it said.