OIL & GAS
[%EdHv%] [%bHkz%] 
Research by MIDF
Positive

“Oil and Gas”

Crude oil up +11%yoy. Average Brent crude oil for Jun CY24 gained +10.7%yoy to a monthly average of USD83.01pb. This was a +1.1% increase from CY23 average of USD82.12pb. The gain was due to: (i) China’s steady economic growth momentum in 1HCY24, (ii) extended OPEC+ production cuts until 3QCY24, and (iii) the continuous geopolitical tensions in Eastern Europe and Middle East. This was moderated by increased US crude oil inventory in 1HCY24.

Analyst(s):
MIDF Research
[%ekQm%]

OIL & GAS
$KLSE-MISC $KLSE-DELEUM 
Research by MIDF
Positive

“Oil and Gas”

Crude oil up +11%yoy. Average Brent crude oil for Jun CY24 gained +10.7%yoy to a monthly average of USD83.01pb. This was a +1.1% increase from CY23 average of USD82.12pb. The gain was due to: (i) China’s steady economic growth momentum in 1HCY24, (ii) extended OPEC+ production cuts until 3QCY24, and (iii) the continuous geopolitical tensions in Eastern Europe and Middle East. This was moderated by increased US crude oil inventory in 1HCY24.

Analyst(s):
MIDF Research
research@midf.com.my