On May 8, petroleum stocks generally rose. As of press release,$CHINA OILFIELD (02883.HK)$rose 3.37% to HK$8.59;$PETROCHINA (00857.HK)$rose 2.49% to HK$7.42;$SINOPEC CORP (00386.HK)$rose 2.08% to HK$4.91;$CNOOC (00883.HK)$It rose 1.66% to HK$20.15.
According to the news, oil prices fell sharply on Tuesday, and US API inventories continued to exceed expectations, marginally weakening oil prices. Xingzheng Futures believes that the current oil price has returned to a reasonable range after the geographical premium has gradually declined. Against the backdrop that OPEC+ is still maintaining a production reduction policy, it is expected that there is limited room for further decline. It is reported that the next OPEC+ meeting will be held on June 1. Three OPEC+ sources said that if oil demand does not increase, the group may extend voluntary production cuts beyond June.
Furthermore, Saudi Aramco's statement on Sunday showed that Saudi Arabia raised the official selling price (OSP) of Arabian Light Crude Oil (OSP), the flagship product sold to Asia, North-West Europe and the Mediterranean in June, with the price for Asia rising for the third consecutive month. Analysts said this reflects that the country is trying to tighten supply in the oil market to prevent global oversupply.