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Hot stock: Oil & gas explorers ride crude surge
SPECULATIVE activity continued in the oil and gas exploration space on the Singapore Exchange (SGX) as crude oil prices surged to a more than two-year high.
Brent crude stayed above the US$60 a barrel mark for the second day in a row as officials from oil cartel Opec (Organization of the Petroleum Exporting Countries) and major producer Russia pushed for production cuts to be extended until the end of 2018.
Watchlisted Mirach Energy was trading at S$0.099 by 10.26am, up 32 per cent or S$0.024, on 1.2 million shares traded. The counter is up 150 per cent from a week ago.
Other stocks such as Interra Resources and Rex International also rose.
The next Opec meeting will be on Nov 30 in Vienna. Before that, Opec will present its oil outlook next Tuesday.