Petroleum stocks bucked the trend. As of press release, CNOOC (00883) rose 2.4% to HK$19.64; CNOOC (02883) rose 1.55% to HK$8.5; and CNPC (00857) rose 0.26% to HK$7.69.
The Zhitong Finance App learned that petroleum stocks bucked the trend. As of press release, CNOOC (00883) rose 2.4% to HK$19.64; CNOOC (02883) rose 1.55% to HK$8.5; and CNPC (00857) rose 0.26% to HK$7.69.
According to the news, the minutes of the May meeting of the Federal Reserve released hawkish signals, superimposed unexpected economic data, and continued to depress market confidence in interest rate cuts and suppress oil prices in US dollars. Oil prices continued to fall overnight, and U.S. crude oil futures fell by $0.70 or 0.9% to $76.87 per barrel, hitting a three-month low.
CITIC Construction Investment pointed out that looking forward to the future, the peak summer travel season in the US supports crude oil demand. OPEC+ member states, led by Saudi Arabia and Russia, agreed to extend the voluntary production reduction agreement by 2.2 million b/d until the end of June this year. Considering the recent drop in oil prices, OPEC+ may discuss continuing to delay the production reduction agreement at the June meeting. In summary, the crude oil supply and demand gap may widen again in the future, and oil prices are expected to stop falling and rise again.