SINGAPORE: Oil prices rose for a second session on Monday as concerns over shut outpur in the United States, the world's biggest produces, following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude rose 67 cents, or 0.9% to $73.59 a barrel, and U.S. West Texas Intermediate(WTI) crude also added 66 cents or 1% to $70.38 at 0633 GMT.
KUALA LUMPUR (Sept 27): Bursa Malaysia’s Energy Index rose as much as 19.78 points or 2.78% to 731.32 this morning, becoming the top percentage gainer among bourse gauges, after oil prices hit three-year highs. At 10.19am, the index, which tracks share prices of oil and gas (O&G) related companies, settled at 727.82, still up 16.28 points or 2.29%. KNM Group Bhd, which was the most actively traded stock, gained as much as 2.5 sen or 10.87% to 25.5 sen. At 10.19am, the counter had pared some gains at 25 sen, still up two sen or 8.7%, with 73.69 million shares traded. Meanwhile, Bumi Armada Bhd increased by one sen or 2.27% to 45 sen; Perdana Petroleum Bhd grew half a sen or 4.35% to 12 sen. Reuters reported that oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent. At the time of writing, Brent crude oil had added US$1.26 to US$79.35 (about RM332) a barrel, while West Texas Intermediate crude was US$1.21 higher at US$75.19. ""Supply tightness continued to draw on inventories across all regions," ANZ Research said in a note quoted by Reuters. Rising gas prices also helped drive oil higher as the liquid became relatively cheaper for power generation, ANZ analysts said in the note.
Oct 4 (Reuters) - Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. The producer club's decision to keep increasing oil output gradually sent prices sharply higher, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic. read more OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts. Brent crude settled up $1.98, or 2.5%, to $81.26 a barrel. It rose 1.5% last week for a fourth consecutive weekly gain, and was back up to highs last seen in 2018.
U.S. oil settled up $1.74, or 2.3%, to $77.62 a barrel after gaining for the past six weeks, and was at its highest since 2014. "Given the demand picture and the outcome of the OPEC meeting, the overall sentiment around crude is bullish," said John Kilduff, partner at Again Capital LLC in New York. Demand for coal and natural gas has exceeded pre-COVID-19 highs with oil closely trailing, according to energy watchdog, the International Energy Agency. Three-quarters of global energy demand is still met by fossil fuels, with less than a fifth by non-nuclear renewables. OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, has faced pressure from some countries to add back more barrels to the market as demand has recovered faster than expected in some parts of the world.
Four OPEC+ sources told Reuters recently that producers were considering boosting output by more than had already been agreed. read more The oil price rally has also been fuelled by an even bigger increase in gas prices, which have spiked by 300%, prompting switching to fuel oil and other crude products to generate electricity and for other industrial needs.
PETALING JAYA: Interstate travel nationwide will resume starting Monday (Oct 11), says Datuk Seri Ismail Sabri Yaakob. The Prime Minister said this during a special address at 3pm on Sunday (Oct 10).
"With the achievement of almost 90% of the population being fully vaccinated, therefore I would like to announce that interstate travel will be allowed. This will begin on Monday (Oct 11). “Interstate travel is only allowed for those who are fully vaccinated. “The lifting of the prohibition on interstate travel does not apply for visits to localities placed under enhanced movement control order," he added. Ismail Sabri also said fully vaccinated Malaysians can travel abroad without MyTravelPass effective Monday (Oct 11)...
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Posted by lloydlim > 2021-09-10 10:07 | Report Abuse
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