Oil & gas counters on the rise, tracking Brent’s surge

17 Sep 2019 / 12:08 H.

PETALING JAYA: Oil and gas counters on Bursa Malaysia are on the rise following two attacks on Saudi Arabia’s facilities on Saturday.

At 11.03am, Petronas Dagangan Bhd was one of the biggest gainers as it recorded a 44 sen or 1.7% gain to RM23.74 with over 123,200 shares changing hands, giving it a market valuation of RM23.3 billion.

Meanwhile, Sapura Energy Bhd and Bumi Armada Bhd saw a frenzy of buying activity with 143.8 million and 101.2 million shares done. Their share prices rose 2 sen and half a sen to 30 sen and 31 sen, respectively.

On Monday, Brent crude oil price shot up by 15.8% to US$69.67 (RM291.20) per barrel (pb) from US$60.17 (RM251.49) pb recorded on Friday’s close, before closing at US$69.02 (RM288.48) pb.

According to reports, the attacked facility is Saudi Arabia’s largest oil processing centre, accounting for 5% of global crude oil supply.

As of 11.20am, Brent crude oil pared down gains with a trading price of US$68.11 (RM284.68) pb.

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