Rallying Int'l Oil Prices Drive PETROCHINA to Over 4.5-Yr High, as CNOOC Hikes 3%
Oil prices rose 0.9%-1.1% last night after an unexpected drop in US crude oil inventories last week and an increase in China's crude oil imports in May, with New York and Brent July-delivery futures up nearly 0.4% to USD72.81 and USD77.21 in the electronic trading session.
Two major oil stocks in Hong Kong have outperformed the market today. $CNOOC (00883.HK)$ will exclude dividend today and pay a final dividend of 75 cents. Its shares hit a high of $11.92 and is now trading at $11.8, up 3%, with volume increasing to 111 million shares.
$PETROCHINA (00857.HK)$ recorded a high of $5.66 to set a high of more than four and a half years, and anchors now at $5.62, up 2%, with volume reaching 115 million shares.
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