Petroleum stocks fluctuated higher. As of press release, Kunlun Energy (00135) rose 3.26% to HK$7.29; CNPC (00857) rose 2.51% to HK$7.35; and CNOOC (00883) rose 1.7% to HK$19.18.
The Zhitong Finance App learned that petroleum stocks fluctuated higher. As of press release, Kunlun Energy (00135) rose 3.26% to HK$7.29; CNPC (00857) rose 2.51% to HK$7.35; CNOOC (00883) rose 1.7% to HK$19.18; and Sinopec (00386) rose 1.55% to HK$4.6.
According to the news, as the cease-fire negotiations in Gaza continued, oil prices fell for the second day in a row, but the decline was limited to less than one dollar per barrel because Egyptian and Qatari mediators faced resistance in seeking a cease-fire. By the close, light crude oil futures for May delivery on the New York Mercantile Exchange closed at $85.23 per barrel, a decrease of 1.39%; London Brent crude oil futures for June delivery closed at $89.42 per barrel, a decrease of 1.06%.
Xingzheng Futures pointed out that the crude oil market is currently undergoing OPEC+ active production cuts and subjective regulation. The latest OPEC+ conference showed unity within the group and strengthened the market's confidence in implementing subsequent production cuts. It is expected that oil prices will remain strong until OPEC+ production reduction regulations are withdrawn in the second quarter of this year. However, since this round of oil price increases are mainly dominated by geographical events, there may be limited room for oil prices to rise after full trading due to geographical factors.