PetGas, SapuraKencana gain on rising oil prices

PetGas, SapuraKencana gain on rising oil prices
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KUALA LUMPUR (Nov 22): Shares in Petronas Gas Bhd (PetGas) and SapuraKencana Petroleum Bhd gained as much as 2.3% and 2.8% respectively in morning trades today as global oil prices rose in anticipation of planned production cut led by Organization of the Petroleum Exporting Countries (OPEC).

At 11.36am, PetGas advanced 38 sen or 1.8% to trade at RM21.58. The stock, which is one of the top gainers on Bursa Malaysia today, saw some 324,000 shares changed hands.

Meanwhile, SapuraKencana also increased 3 sen or 2.1% to RM1.47, with 3.57 million shares done.

According to Reuters, oil prices rose to their highest level since October on Tuesday as the market priced in a potential output cut led by producer cartel OPEC, although analysts warned that a failure to agree a cut could lead to a ballooning supply overhang by early next year.

International Brent crude oil futures rose as high as US$49.43 (RM218.31) per barrel early on Tuesday, their highest since Oct 31. Meanwhile, the US West Texas Intermediate (WTI) crude futures were up 44 cents at US$48.68 a barrel.