KUALA LUMPUR (Jan 4): UMW Oil & Gas Corp Bhd and Hibiscus Petroleum Bhd advanced today, among Bursa Malaysia's most active stocks, after crude oil prices rose overnight.
Reuters reported U.S. West Texas Intermediate crude futures settled at US$61.63 a barrel, up US$1.26 or 2.1%, while Brent crude futures settled up US$1.27 a barrel or 1.9% to US$67.84 a barrel.
It was reported oil prices rose on Wednesday to its highest in 2-1/2 years, with buying spurred by a sixth day of unrest in OPEC member Iran and strong economic data from the United States and Germany.
At Bursa Malaysia today, UMW Oil & Gas shares rose four sen to 37 sen at 10:42am, while Hibiscus was up 3.5 sen to 95.5 sen. UMW Oil & Gas and Hibiscus were Bursa Malaysia's second and eighth most-active stocks respectively.
Analysts said they are mindful of the sustainabilty in the rise in crude oil's price.
Kenanga Investment Bank Bhd analyst Sean Lim Ooi Leong wrote in a note today: “The recent rally in oil prices which approached the US$67/bbl level might be capped, in our view, as the market may refocus on the resurgence of US crude production.”