O&G sector remains a trading play at best for now: UOB

SINGAPORE (Dec 2): UOB Kay Hian has upgraded its rating on Singapore’s oil and gas (O&G) sector to “market weight” for both its offshore marine and shipyard segments, following the Organization of the Petroleum Exporting Countries’ (OPEC) announcement of agreeing to cut oil production.

(See also: OPEC agrees to cut production in drive to end record glut)

This deal sets the stage for the oil market to reach an earlier balance in 2017, says analyst Foo Zhiwei in a Friday report.

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