As at 3.37pm, the index shed 11.08 points, or 1.62%, to 673.40.

Petron Malaysia Refining & Marketing Bhd as well as Hengyuan Refining Company Bhd were among the top losers, declining 13 sen to RM5.40 and nine sen to RM4.56, respectively.

In its research note today, RHB Research increased its Brent crude oil price forecast to US$108 per barrel from US$104 per barrel while keeping its 2023-2024 projections at US$85 per barrel and US$75 per barrel, respectively.

The research firm expects oil prices to average at US$110 per barrel in the third quarter of 2022 and moderate to US$105 per barrel in the fourth quarter this year, reflecting the continuously tight supply market in the near term, evidenced by low inventory levels as well as Opec and its partners (Opec+) not meeting the production quota.

“That said, we would like to stay conservative, with a relatively lower year-on-year projection in 2023 and 2024 at US$85 per barrel and US$75 per barrel.

“This is largely premised on a gradual increase in global supply and the higher possibility of an economic slowdown,” it added.

At the recent 30th Opec and non-Opec ministerial meeting, Opec+ reconfirmed its pledge to raise production by 648,000 barrels per day in August, as had been agreed upon in the previous meeting.