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Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Oil Rises on Middle East Tensions But Demand Concerns Linger
Poor prospects for supply and demand expectations led to a drop in oil prices to a two-month low.
Crude oil product showed a trend of first suppression and then rise overall this week (7.25-7.31).
Hong Kong stocks are volatile | The petroleum sector is generally trending downward as the OPEC+ plan to cancel part of the production cuts in October and geopolitical risks have largely been priced in.
Petroleum stocks are generally down. As of the publication of this article, China Oilfield (00883) fell by 3.35%, to HKD 20.20; China Oilfield Services (02883) fell by 3.29%, to HKD 6.77; PetroChina (00857) fell by 3.17%, to HKD 6.72.
Capital trend statistics for the Stock Connect of GTJA on August 2nd (T+2).
Capital trend for Zhongtong Hong Kong Stock Connect on August 2nd.
CNOOC Limited's (HKG:883) Business And Shares Still Trailing The Market
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