HK Stock Market Move | Oil stocks rose in early trading, with international oil prices rebounding to a two-week high. China Petroleum & Chemical Corporation and China Aviation Oil announced a merger.

Oil stocks rose in the morning session, as of the time of writing, SHANGHAI PECHEM (00338) was up 4.29% at 1.46 Hong Kong dollars; CNOOC (00883) rose 1.74% to 21.04 Hong Kong dollars; PetroChina (00857) rose 1.38% to 8.08 Hong Kong dollars; China Oilfield Services (02883) rose 0.82% to 7.38 Hong Kong dollars; Sinopec (00386) rose 0.43% to 4.69 Hong Kong dollars. In terms of news, international oil prices rebounded on Thursday following two days of decline, with Brent crude rising by as much as 5%, reaching a two-week high. According to reports, an oil tanker heading to Russia was attacked by drones in the Black Sea, Iraq moved forward with the nationalization of the West Qurna 2 oilfield due to US sanctions on Russian Lukoil, and Iran saw nationwide protests and implemented an internet shutdown due to economic difficulties. It is worth noting that on January 8th, following approval from the State Council, Petrochina Chemical Group Limited and China Aviation Oil Group Limited implemented a merger. EB SECURITIES released a research report stating that the merger between China Petroleum & Chemical Corporation group and China Aviation Oil group will help integrate the aviation coal production, sales, and refueling industry chain, enhance the competitiveness of the finished oil business, and the listed companies under the China Petroleum & Chemical Corporation group are expected to benefit from the integrated advantages of the China Petroleum & Chemical Corporation group's entire industry chain.