O&G stocks retreat on Bursa as oil prices fall

O&G stocks retreat on Bursa as oil prices fall
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KUALA LUMPUR (Nov 10): Shares in energy-linked stocks fell in morning trade on Thursday (Nov 10) as oil prices retreated.

Bernama reported that oil prices fell on Wednesday, driven by data showing an unexpected rise in US crude stockpiles.

It said the West Texas Intermediate for December delivery lost US$3.08, or 3.5%, to settle at US$85.83 a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased US$2.71, or 2.8%, to close at US$92.65 a barrel on the London ICE Futures Exchange.

Among energy stocks on Bursa Malaysia, Velesto Energy Bhd had at the time of writing fallen 3.70% or half a sen to 13 sen, Hibiscus Petroleum Bhd was down 1.94% or two sen to RM1.01, Icon Offshore Bhd lost 3.70% or half a sen to 13 sen, Hengyuan Refining Company Bhd was down 3.08% or 14 sen to RM4.40, Bumi Armada Bhd dipped 1.16% or half a sen to 42.5 sen, KNM Group Bhd lost 10% or half a sen to 4.5 sen, while Dayang Enterprise Holdings Bhd shed 0.81% or one sen to RM1.23.