Sapura Energy, Hibiscus up after oil prices rose to highest since end-July

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KUALA LUMPUR (Aug 23): Sapura Energy Bhd shares gained 0.5 sen to settle at 59.5 sen at 12:30pm today while Hibiscus Petroleum Bhd's share price was up two sen at RM1, after crude oil prices rose 3% overnight to their highest since July 30 this year.

Across Bursa Malaysia today, Sapura Energy was the second most-active counter with about 46 million shares traded. Hibiscus was the fourth most-active with about 32 million shares changing hands.

Reuters reported that oil prices rose 3% on Wednesday, with Brent crude futures hitting a three-week high, after US government data showed a larger-than-expected draw in crude inventories and as Washington's sanctions on Iran signaled tightening supplies.

It was reported that Brent crude futures rose US$2.15 or 3% to settle at US$74.78 a barrel. The global benchmark reached US$75 during the session, the highest since July 31. US West Texas Intermediate crude futures rose US$2.02 to settle at US$67.86 a barrel, a 3.1% gain.