KUALA LUMPUR, Jan 27 — Share prices of oil and gas (O&G) counters on Bursa Malaysia were on a firm note today as the global benchmark for the crude oil price consolidated at US$30 (RM128) a barrel.

Leading movers in O&G at mid-morning were Petronas Gas which improved 68 sen to RM21.90, SapuraKencana garnering seven sen to RM1.67 and Petronas Chemicals rising five sen to RM6.89.

Dialog, meanwhile, advanced three sen to RM1.52, while Bumi Armada added 2.5 sen to 95 sen.

Brent Crude and US Crude which hit a new 12-year low near US$27 on the recent supply glut traded slightly above US$30 per barrel in Asia today.

The global crude oil price bearishness is still unresolved. But, it was reported that the positive sentiment today stemmed from talk of the Organisation of Petroleum Exporting Countries (OPEC) and Russia considering production cuts.

The World Bank had yesterday marked down its forecast for the average price of oil this year to US$37 per barrel.

Researchers expect oil prices to bounce back to an average of US$48 per barrel in 2017 and about US$51 in 2018, according to the World Bank's market outlook. — Bernama