Petroleum stocks rose collectively. As of press release, CNPC (00857) rose 3.02% to HK$5.8; CNOOC (00883) rose 2.76% to HK$17.88; Kunlun Energy (00135) rose 1.45% to HK$7.69; and Sinopec (00386) rose 1.42% to HK$4.25.
The Zhitong Finance App learned that petroleum stocks rose collectively. As of press release, CNPC (00857) rose 3.02% to HK$5.8; CNOOC (00883) rose 2.76% to HK$17.88; Kunlun Energy (00135) rose 1.45% to HK$7.69; and Sinopec (00386) rose 1.42% to HK$4.25.
According to the news, WTI crude oil futures rose 2.7% on December 3 (Tuesday) to close at around $70 per barrel, the biggest one-day increase since November 18. OPEC+ representatives revealed that the organization is making progress towards reaching an agreement to delay the recovery of oil production for another three months. The coalition will finalize plans at an online meeting on Thursday. Brent climbed above $73 per barrel.
Furthermore, according to CCTV news reports, on December 3, local time, the US Treasury's Office of Foreign Assets Control (OFAC) issued a statement announcing sanctions against 35 entities and vessels that play a key role in transporting Iranian oil to foreign markets. The statement said that oil revenues provided the Iranian regime with resources to fund its nuclear program and develop advanced drones and missiles. The increase in oil prices increased after the news was announced. Industry insiders analyzed that the possibility of the US imposing severe sanctions on Iran when Trump resumed his first term threatened the latter's production. Since Trump left office, Iran's crude oil production has increased by about 1.2 million barrels per day.