The index’s rise came as overnight Brent crude oil price leapt by nearly 3.5% or US$2.85 to US$83.72 per barrel, its highest level since early November. The oil price was buoyed by tight supply and expectations that rising Covid-19 cases and the spread of the Omicron variant will not derail global demand recovery, according to Reuters. Liaw said the research outfit’s estimate sees 2022’s Brent price at between US$75 and US$80 per barrel. He also sees upside risk to oil price assumption should the global energy crunch worsen. RHB Research analyst Sean Lim was also bullish on the O&G sector, maintaining his “overweight” call on the sector.

Source: The Edge Markets January 13, 2022 00:52 UTC