Chinese oil companies saw a notable drop in their stock prices today, reflecting broader market concerns.
CNOOC (00883.HK) began the day unchanged but soon fell to a low of $20.75, marking a 6.95% decline and reaching its lowest point since June 2024. The stock last traded at $21.15, a decrease of 5.16%. Trading volume stood at 107 million shares, with a total value of $2.293 billion.
PetroChina (00857.HK) opened 0.13% lower and hit a low of $7.48 before settling at $7.56, down 4.55%. The trading volume was 65.64 million shares, with a transaction value of $501 million.
Sinopec Corp (00386.HK) also started the day with no initial change but fell to a low of $4.86 before closing at $4.89, down 2.59%. The stock saw 23.36 million shares traded, amounting to $115 million.
Goldman Sachs’ latest oil report highlighted that Brent crude oil prices experienced a slight decline last week. This downturn was attributed to weaker-than-expected GDP figures from mainland China and the International Energy Agency’s (IEA) previous adjustment of global demand forecasts for 2024 and 2025.
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