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A five-month high! Amidst a chorus of bearish voices, oil prices continue to rise.
The market previously widely expected that there would be a significant oversupply in the Crude Oil Product market this year, and that oil prices would remain stable or weaken. However, with the USA announcing a new round of sanctions on the Russian Energy sector, the market outlook became complex, compounded by concerns over Trump's tariff policy, leading to rising oil prices for consecutive days.
Oil at Four-Month High Amid New Sanctions on Russia
International oil prices have risen, driving Petroleum stocks to move against the market trend. CNOOC (00883) increased by 2.34%. Institutions indicate that oil prices are likely to rise overall throughout the year, but difficult to fall.
Jinwu Financial News | International oil prices have risen, driving Petroleum stocks to perform well against the trend. CHINA OIL (00883) rose by 2.34%, CHINA OILFIELD (02883) rose by 2.31%, and PetroChina (00857) rose by 1.48%. Brent crude oil rose by 1.66% to $80.49 per barrel, while New York crude oil rose by 1.68% to $77.097 per barrel. CITIC SEC stated that since the beginning of the year, the oil market and other CSI Commodity Equity Index markets have shown bright trends, mainly due to better-than-expected macroeconomic data from the USA during the peak winter energy consumption period, combined with disruptions from geopolitical conflicts in the trading environment.
Hong Kong stocks are moving differently | Petroleum stocks are rising against the trend as the U.S. implements a new round of sanctions on Russia. Goldman Sachs indicates that Global oil supply expectations are tightening rapidly.
Petroleum stocks are performing strongly against the market trend. As of the time of reporting, China Oilfield Services (02883) rose by 2.74%, reaching 7.12 Hong Kong dollars; China National Oil (00883) increased by 2.87%, reaching 19.36 Hong Kong dollars; PetroChina (00857) rose by 1.8%, reaching 6.21 Hong Kong dollars; Sinopec (00386) increased by 0.23%, reaching 4.35 Hong Kong dollars.
"Oil Bull" makes a comeback! With the US, UK, and Japan sanctioning Russia, is a Global Energy storm arising again?
Market Call sentiment returns.
Oil Surges As US Unleashes Toughest Sanctions On Russia's Energy Sector
