KUALA LUMPUR (Sept 29): Energy stocks fell on profit taking on Wednesday as crude oil prices dipped. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said energy stocks fell on Wednesday because of overall market weakness and profit taking. “If crude oil prices can stay above US$80 (about RM334.68) for a longer time, we will still be buying in the midterm,” he told theedgemarkets.com. Reuters reported that oil prices fell for the second straight day on Wednesday as doubts re-emerged over demand, with Covid-19 cases continuing to rise worldwide and gasoline shortages in some regions. At the time of writing on Wednesday, Brent crude oil had declined by 1.72% to US$77.73 per barrel, while West Texas Intermediate crude was 1.77% lower at US$73.96 per barrel.

Source: The Edge Markets September 29, 2021 06:33 UTC