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US Total Crude Oil Stocks Decline in Week Ended Aug. 23
Hong Kong stocks fluctuate | Petroleum stocks generally fall, global oil market may face surplus, investment banks are lowering oil price forecasts.
Petroleum stocks, which have been strong recently, generally fell today. As of the time of publication, kunlun energy (00135) fell by 2.93%, to HK$7.63; Sinopec (00386) fell by 1.66%, to HK$5.34.
Petroleum stocks generally declined. Kunlun Energy (00135) fell 2.67%. Overnight international oil prices closed lower. Goldman Sachs cuts next year's oil price forecast.
Goldman Sachs expects that due to the possible demand for crude oil in China
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Bank of China International: Reiterates a "buy" rating on China Petroleum & Chemical Corporation (00386), with a target price raised to HK$6.21.
BOCI Research expects Sinopec (00386) to see a 20% decline in profits in the second half of the year compared to the first half.
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