According to the Zhitong Finance APP, petroleum stocks rose in early trading. As of the time of publication, Sinopec (00857) rose 3.43% to HKD 7.83; CNOOC (00883) rose 3.22% to HKD 22.45; YanChang Petro (00346) rose 2.63% to HKD 0.39; Kunlun Energy (00135) rose 2.26% to HKD 8.16.

On the news front, international oil prices fluctuated at a high level on June 28, and US crude oil prices hit a two-month high of $82.08 per barrel. It is currently trading near $81.94 per barrel. Oil futures rose by about $1 on Thursday, and there were increasing geopolitical pressures in the Middle East and Europe, causing concerns about global crude oil supply disruption. Although the unexpected increase in US crude oil and gasoline inventories suppressed the rise in oil prices. Brent crude futures settlement price rose by $1.14, or 1.34%, to $86.39 per barrel on Thursday. US crude oil futures settlement price rose by $0.84, or 1.04%, to $81.74.

According to the report by the Energy Information Agency (EIA), crude oil inventories increased sharply by 3.6 million barrels last week, which is more than the earlier expected decrease of 2.9 million barrels. Gasoline inventories in the US also increased unexpectedly by 2.7 million barrels last week, while analysts had expected a decrease of 1 million barrels. TDS analysts pointed out that although the Department of Energy's (DOE) unexpected report on the increase of crude oil inventories, the oil market still remains stable with weak demand and increased inventories putting pressure on prices. The systematic flow of WTI has weakened, but if the price can stay above $85.99 per barrel, Brent crude oil could still see funds seek to add to their highest historical positions by up to 7%.