Jingu Financial News | Petroleum stocks fell across the board, as of press time, CNOOC (00883) fell 4.31%, PetroChina (00857) fell 3.67%, China Oilfield (02883) fell 2.7%, Sinopec Corp (00386) fell 2.59%.
On the news side, although tensions in the Middle East geopolitical situation have significantly escalated this week, concerns about the US economic recession dominate market sentiment. Investors are worried about the demand side, and crude oil prices continue to plummet, with Brent crude oil futures for December contracts falling below the June 4 bottom of $75.85 per barrel at one point last Friday, hitting an intraday low since February 7, falling to $75.77. At one point, the decline of Brent crude oil exceeded 3.6%, and US crude oil fell more than 4%, hitting a daily low below $73 per barrel at one point.
In addition, several OPEC+ ministers held an online ministerial joint monitoring committee meeting (JMMC) and announced that the current oil supply scale will remain unchanged, but the previously agreed production recovery policy will continue. Partial production cuts will be cancelled starting in October. OPEC+ also reiterated that if necessary, it may suspend production cuts or switch to production increases.
