Petroleum stocks were higher in early trading. As of press release, CNPC (00857) rose 3.54% to HK$8.18; CNOOC (00883) rose 2.90% to HK$23.05; and Kunlun Energy (00135) rose 2.72% to HK$8.32.
The Zhitong Finance App learned that petroleum stocks were higher in early trading. As of press release, CNPC (00857) rose 3.54% to HK$8.18; CNOOC (00883) rose 2.90% to HK$23.05; and Kunlun Energy (00135) rose 2.72% to HK$8.32.
According to the news, oil prices rose after closing for the third consecutive week of gains on Friday. Brent crude rose 0.7% to $85.59 a barrel, while WTI rose 0.8% to $82.17 a barrel. ING analysts said in a report that market expectations for a closer relationship between supply and demand continue to attract speculative capital, and the latest trader data shows that net longing increased last week.
Citi published a report stating that oil prices have soared in the past three weeks, and oil has broken through the level of 86 US dollars per barrel. However, the bank believes that the current level of oil prices is too high. Under the influence of geopolitical concerns or supply and demand expectations, oil prices have greatly exceeded their intrinsic value, and investors are advised not to go high.
Looking ahead, the bank anticipates uncertain demand in major oil-consuming regions, including China, and oil prices are particularly at risk in the third quarter. However, geopolitical risk pressure continues, and renewed tension between Russia, Ukraine and the Middle East provides a possibility for oil prices to rise.