Oil plays extend active trading as prices surge on supply fears

Singapore

SHARES of oil plays on the Singapore Exchange saw brisk trading on Monday (Mar 7), as oil prices continue surging to near their all-time high levels since 2008.

Rex International was up as much as 11.5 per cent, or S$0.05, to reach an intraday high of S$0.485, with the counter seeing some 95.3 million shares changing hands during the day. Sembcorp Marine (Sembmarine) traded as high as S$0.097, up 6.6 per cent or S$0.006, with 283.7 million shares traded.

Meanwhile, RH Petrogas reached an intraday high of S$0.41, rising 24.2 per cent or S$0.08, with 59 million shares changing hands, while Interra Resources climbed as much as 20.8 per cent, or S$0.01, to S$0.058 with 40.4 million shares traded on Monday

As for GSS Energy, it hit its intraday high of S$0.073, up 5.8 per cent or S$0.004, with 18.2 million shares traded in the session

Most of the counters eased slightly from their highs later in the day.

At the close on Monday, shares of Rex International settled at S$0.48, up S$0.045 or 10.3 per cent, while Sembmarine was at S$0.096, up S$0.005 or 5.5 per cent.

RH PetroGas rose S$0.08, or 24.2 per cent, to close at S$0.41, Interra Resources climbed S$0.008 or 16.7 per cent to end at S$0.056, while GSS Energy closed at S$0.072, up S$0.003 or 4.3 per cent.

On Sunday, US Secretary of State Antony Blinken said the US and its European allies were exploring banning imports of Russian oil as part of sanctions on Russia for the Ukraine conflict.

Tight supply fears were also fuelled by delays in the potential return of Iranian crude to global markets. On Sunday, talks to revive Iran's 2015 nuclear deal with world powers were mired in uncertainty following Russia's demands for a US guarantee that the sanctions it faces will not hurt its trade with Teheran.

In the first few minutes of trade on Sunday, both benchmarks rose to their highest since July 2008, with Brent at US$139.13 a barrel and US West Texas Intermediate at US$130.50. Both contracts were at their all-time high in 2008.