HK Stock Market Move | Oil stocks are under pressure again, with international oil prices dropping significantly. The market still faces multiple uncertainties.

15:00 12/11/2024

Oil stocks are under pressure again. As of the time of writing, CNOOC (00857) fell by 3% to 5.49 Hong Kong dollars; CNOOC (00883) fell by 2.54% to 16.84 Hong Kong dollars; CNOOC Oilfield Services (02883) fell by 2.31% to 7.18 Hong Kong dollars.

Oil stocks are under pressure again. As of the end of the reporting period, China Petroleum (00857) fell by 3% to HK$5.49; CNOOC (00883) fell by 2.54% to HK$16.84; China Oilfield Services (02883) fell by 2.31% to HK$7.18; Sinopec (00386) fell by 2.09% to HK$4.22. On the news front, oil prices fell sharply last night due to the drag of the US dollar. WTI December crude oil futures closed down $2.30, a drop of more than 3.32%, to $68.04 per barrel. Brent January crude oil futures closed down $2.04, a drop of more than 2.76%, to $73.87 per barrel. GF Futures believes that supply pressure easing, weak demand, a stronger US dollar, and geopolitical uncertainties coexist. In the short term, oil prices face downward pressure, but the space is relatively limited, and there is a high probability of continued wide fluctuations in oil prices.

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