Oil and gas-related stocks rise on firm crude oil prices

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KUALA LUMPUR (Dec 27): Shares in oil and gas-related stocks on Bursa Malaysia rose this morning on the back of higher crude oil prices.

Among the actively traded stocks at 9.25am were UMW Oil & Gas Corp Bhd, which jumped 5.08% or 1.5 sen to 31 sen with 11.47 million shares done, Sapura Energy Bhd — up 2.10% or 1.5 sen to 73 sen with 9.87 million shares done, Hibiscus Petroleum Bhd, which increased 1.76% or 1.5 sen to 86.5 sen with 8.98 million shares traded, while Hengyuan Refining Company Bhd rose 2.6% or 40 sen to RM15.80 with 1.08 million shares done.

Oil prices surged to 2½-year highs on Tuesday, boosted by news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts, according to Reuters.

At the time of writing, Brent Crude was quoted at US$66.13 per barrel on energy portal Oilprice.com.