The trend of petroleum stocks was weak. As of press release, CNPC (00857) fell 2.96% to HK$3.21; CNOOC (00883) fell 1.06% to HK$18.62; and Sinopec (00386) fell 0.44% to HK$4.5.
The Zhitong Finance App learned that the trend of petroleum stocks was weak. As of press release, CNPC (00857) fell 3.1% to HK$7.2; CNOOC (00883) fell 1.06% to HK$18.62; Sinopec (00386) fell 0.44% to HK$4.5; and CNOOC Services (02883) fell 0.32% to HK$9.26.
According to the news, market concerns about the situation in the Middle East have abated. Combined with the increase in US EIA crude oil inventories and the strengthening of the US dollar, international oil prices fell sharply on Wednesday. The June futures settlement price of Brent crude oil fell 2.73 US dollars or 3.03% to 87.29 US dollars/barrel; the May futures settlement price of WTI crude oil closed down 2.67 US dollars or 3.13% to 82.69 US dollars/barrel, the biggest drop since March 20.
Okoshi Futures believes that the market is waiting for Israel's counterattack. Currently, it has not decided how to fight back, which can easily cause high oil price fluctuations. The accumulation of US API crude oil inventories is putting some pressure on oil prices. White House advisers said they may release more strategic reserves of crude oil to suppress prices. Many members of the Federal Reserve are also very concerned about inflation. Their remarks continue to lower the market's expectations for rapid interest rate cuts, and oil prices remain volatile in the short term.