Bursa O&G counters decline as oil trades below US$60 amid coronavirus outbreak


For the historical record.

Dateline 2020-02-03, The Edge:

Bursa Malaysia-listed oil and gas (O&G) counters Sapura Energy Bhd and Bumi Armada Bhd declined about 4% each in mid-morning trades today as crude oil prices traded below US$60 a barrel as the coronavirus outbreak, which started in China, led to lower global oil demand concerns.

Reuters reported that oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus outbreak. It was reported that Brent and US West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China.

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