HK Stock Market Move | Oil stocks collectively fell, but the passage volume of the Hormuz rebounded significantly. Crude oil gave back all gains since the Middle East conflict.
Oil stocks collectively fell, as of the time of writing, CNOOC (00883) fell by 3.21% to HK$21.12; PetroChina (00857) fell by 3.02% to HK$8.68.
Oil stocks collectively declined. As of press time, CNOOC (00883) fell by 3.21% to HK$21.12, CNOOC (00857) fell by 3.02% to HK$8.68, China Oilfield Services (02883) fell by 2.73% to HK$6.42, and Sinopec (00386) fell by 0.48% to HK$4.13.
On the news side, international crude oil prices continued to fall, with U.S. WTI crude oil futures falling below $70 per barrel, hitting a new low since early March and falling back to levels before the outbreak of the Iran crisis. The Brent crude oil futures contract for August also fell below $73 per barrel. The current market is gradually factoring in the possibility of Iranian crude oil re-entering the global market and the resumption of normal shipping through the Strait. U.S. Energy Secretary Wright said on Wednesday that a total of 72 vessels passed through the Strait of Hormuz in the past 24 hours, transporting about 20 million barrels of crude oil - about one-fifth of global crude oil consumption per day. He also said that even if the preliminary agreement reached this month is not maintained, oil transportation will not be interrupted.
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