O&G Related Stocks Higher At Early Trade As Crude Oil Prices Surge
KUALA LUMPUR, March 12 (Bernama) -- Oil and gas-related stocks were trading higher at the open after crude oil prices surged following tanker attacks in Iraqi waters amid the US-Iran conflict.
At 10.50 am, shares of Petronas Dagangan Bhd rose 12 sen to RM22.02 on 348,600 shares traded; Hengyuan Refining Company Bhd’s shares climbed 14 sen to RM1.70 on 23.30 million shares traded; Dialog Group Bhd’s shares firmed 10 sen to RM1.99 on 7.09 million shares traded; and Petron Malaysia Refining & Marketing Bhd’s shares widened 13 sen to RM4.78 on 157,900 shares traded.
At the time of writing, Brent crude had risen 7.44 per cent to US$98.82 per barrel.
Apex Securities Bhd said global sentiment was likely to remain cautious as the US-Iran conflict continued to raise concerns over disruptions to global energy supply.
“The Strait of Hormuz remains largely impassable amid ongoing attacks on three vessels.
“Although the International Energy Agency approved a record release of 400 million barrels from strategic reserves to stabilise markets, oil prices remain volatile as supply risks persist,” it said in a note today.
Apex Securities said oil prices had hovered near the US$90-per-barrel level, keeping inflation concerns elevated.
“Against this backdrop, markets are likely to trade with heightened volatility as investors continue to monitor geopolitical developments and their implications for global growth and inflation,” it added.
-- BERNAMA