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Hot stocks: Oil plays take centre stage in early trading

SHARES of oil-related companies took centre stage on Wednesday and were largely in the green in early trading, buoyed by the spike in oil prices to a two-year high.

Topping the actives list some 20 minutes after opening bell was oil field services firm AusGroup, whose stock rose 0.3 Singapore cent or over 8 per cent to S$0.039.

Counters of Vallianz, Rex International, Falcon Energy, Mermaid Maritime, Geo Energy Resources and GSS Energy all made it to the heavily traded list.

The development comes after oil price spiked to a two-year high after an explosion in Libyan oil pipeline.

US crude oil benchmark WTI futures jumped to as high as US$60, the best price since June 25, 2015. International crude benchmark Brent crude also rose 2.71 per cent to US$67.02.

sentifi.com

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