O & G stocks are actively trading as crude oil prices are around 2019 highs

KUALA LUMPUR (March 20): Oil and gas stocks were among Bursa Malaysia's main badets during this morning's trading session, as Brent crude oil prices continued to fluctuate around the 2019 highs.

At 11:24, the main badets were led by Sapura Energy Bhd, which recorded some 109.7 million shares. The meter was down 0.5 sen or 1.45% at 34 sen.

O & G Dayang Enterprise Holdings Bhd service providers, up 2.9% to RM1.41, with 47.8 million shares traded; Perdana Petroleum Bhd, up 2.56% to 40 sen with 39.1 million shares traded; and Velesto Energy Bhd, which rose 1.75% to 29 sen after trading 17.7 million shares.

Floating production storage and offloading (FPSO) player Bumi Armada Bhd was also among the best badets with 20.8 million transactions. The price of his action was unchanged at 19 sen.

Yesterday, Brent crude reached a four-month high at $ 67.61 per barrel, while it was expected that the Organization of the Petroleum Exporting Countries (OPEC) would continue to cut production until it reached a record high of $ 39.61 per barrel. at the end of the year.

The OPEC announced Monday that it would decide to extend production cuts in June, once the market has badessed the impact of US sanctions on Iran and the crisis in Venezuela.

Crude oil prices have risen since the beginning of the year, with Brent rising from $ 50 a barrel in early January to $ 67.60 a barrel today, reaching $ 70 a barrel on barrel.