Oil price surges after Opec action but shale could spoil the party
Oil-linked stocks rally on SGX; analysts caution that outlook is still challenging, as oil majors are not spending
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Singapore
OIL-AND-GAS stocks on the Singapore Exchange (SGX) rallied on Thursday, after oil cartel Opec beat expectations by agreeing to cut output by 1.2 million barrels a day for the first six months of 2017. Non-Opec countries are expected to join in with another 0.6 million-barrel cut.
Rig builders Keppel and SembMarine, liftboat provider Ezion and other struggling names like contractor Ezra, explorers KrisEnergy and Rex International, and offshore-support vessel builder Nam Cheong all notched sizeable gains of 3 to 10 per cent.
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