Landmark Opec deal fuels local O&G stocks


Did you catch the price rise wave, or mistimed and was caught in the trough?

Dateline 2016-12-02, NST:

Oil and gas (O&G) stocks rallied yesterday after Organisation of the Petroleum Exporting Countries (Opec) agreed on Wednesday to cut output for the first time in eight years.

Among the gainers were Deleum Bhd, Dayang Enterprise Holdings Bhd, UMW Oil & Gas Corp Bhd, SapuraKencana Petroleum Bhd and Uzma Bhd.

Leading the pack was Deleum, with the counter jumping 10.5 sen, or 12.8 per cent, to 92.5 sen, with 4.97 million shares traded.

Crude oil prices steadied around US$53 (RM236.90) a barrel yesterday, holding on to big gains made after Opec and Russia agreed to restrict production.

In the meeting, Opec members agreed to cut oil output by almost 1.2 million barrels per day from January to June next year.

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