Petroleum stocks collectively fell, as of the time of publication, China Oilfield Services (02883) fell by 6.18%, trading at 7.89 Hong Kong dollars; Sinopec (00386) fell by 5.34%, trading at 5.14 Hong Kong dollars; CNOOC (00883) fell by 5.22%, trading at 20.9 Hong Kong dollars.
According to the Zhitong Finance APP, petroleum stocks collectively fell, as of the time of publication, China Oilfield Services (02883) fell by 6.18%, trading at 7.89 Hong Kong dollars; Sinopec (00386) fell by 5.34%, trading at 5.14 Hong Kong dollars; CNOOC (00883) fell by 5.22%, trading at 20.9 Hong Kong dollars; PetroChina (00857) fell by 5.09%, trading at 6.53 Hong Kong dollars.
On the news front, on October 8th, WTI crude oil touched down to $75 per barrel, falling by 2.4% intraday. Brent crude oil fell below $79 per barrel, dropping by 2.2% intraday. Previously, due to escalating tensions in the Middle East, international oil prices have been rising continuously. Guotai Junan Futures believes that as global crude oil consumption enters the seasonal off-peak period, and based on the latest online meeting of OPEC+, the organization will gradually increase production as planned in December. Therefore, without considering strong geopolitical uncertainties, the fundamental impact of crude oil is biased towards the negative side. In this context, if the subsequent geopolitical situation eases, oil prices may quickly rebound in the short term, while in the medium to long term, they may shift downwards.
