Updated April 8, 2024 1:43 am ET
0107 GMT – Brent oil prices may rise to $95/bbl-$105/bbl near term, from around $90/bbl currently, given likely higher demand and supply shortages, BIMB Securities analyst Azim Faris Ab Rahim says in a note. He says the International Energy Agency has revised its oil demand growth upward due to increased bunker fuel demand resulting from the Red Sea crisis. IEA has reduced its oil supply estimate amid expectations of rollover in OPEC+ production cuts until end-2024, he notes. He advises investors consider positions in companies directly exposed to oil prices, such as Hibiscus Petroleum and Dagang NeXchange, given the current landscape. BIMB maintains an overweight rating on Malaysia’s oil and gas sector, pegs MISC Bhd., Malaysia Marine & Heavy Engineering and Velesto Energy as sector’s top picks. (yingxian.wong@wsj.com)
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