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PETROCHINA, CNOOC Spike 4%+ after Oil Prices Up to 2-mth High
Recommend 12 Positive 36 Negative 15 |
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Oil prices ascended to a two-month high. The New York oil futures for August delivery rose by US$1.84 or 2.3% to US$83.38, the highest closing price for near-month contracts since April 26. Brent oil futures for September delivery added by US$1.6 or 1.9% to US$86.6, the highest closing price since April 30. CNOOC (00883.HK) opened 2.68% higher today, peaking at $23.5. It closed at $23.4 at midday, up 4.46%, with 67.1587 million shares traded, involving $1.558 billion. PETROCHINA (00857.HK) opened 1.01% higher today, peaking at $8.28. It closed at $8.22 midday, up 4.05%, with 102 million shares traded, involving $832 million. SINOPEC CORP (00386.HK) opened 0.4% higher today, peaking at $5.16. It closed at $5.1, up 0.79%, with 60.8916 million shares traded, involving $312 million. BOCI had issued a research report, which predicted that China's oil industry should continue to outshine the market in 2H24. In view of the global oil supply shortage, the broker predicted that the global oil market supply shortage will reach 1.4 million bpd in 2H24, and oil prices will remain strong or even higher. The broker also pointed out that CNOOC is the only Chinese oil giant that can achieve strong production growth, with the lowest production costs and the longest crude oil reserve life, being the top pick in the Chinese oil sector. AAStocks Financial News |
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