HK Stock Market Move | Oil stocks in general are rising, with China Oilfield Services (02883) and PetroChina (00857) both up over 4%.

Oil stocks rose across the board. As of the time of writing, China Oilfield Services (02883) rose by 4.69% to HK$8.48, CNOOC (00883) rose by 3.25% to HK$22.9, and Sinopec (00386) rose by 2.41% to HK$5.1. On the news front, international oil prices rose slightly on Wednesday. WTI February crude oil futures closed at $60.62 per barrel, up 0.43%, while Brent March crude oil futures closed at $65.24 per barrel, up 0.49%. Sinodata Futures believes that there was oil and gas linkage in the overnight market, with the surge in international natural gas prices driving an increase in diesel prices, providing some support to the crude oil market sentiment. The International Energy Agency (IEA) raised its forecast for global crude oil demand growth to 930,000 barrels per day for 2026 in its latest monthly report, a significant increase from the previous forecast of 860,000 barrels per day. The agency noted that the demand growth is mainly driven by the improvement in the global economic outlook and the fall in oil prices stimulating consumption. However, the IEA also warned that there will continue to be an oversupply of global crude oil in 2026, with the excess capacity enough to offset potential supply disruptions caused by geopolitical conflicts.