UOB Kay Hian believes upstream oil producers such as RH Petrogas and Rex International are immediate beneficiaries in Singapore following the upward swing in crude oil prices.
The increase in crude oil prices comes on the back of declining global oil inventories and better-than-expected global oil demand following the re-opening of economies after lockdowns. As such, SGX-listed O&G stocks have seen renewed interest, with counters seeing a jump in tandem with the higher oil prices.
