Zhitong Financial APP learned that Credit Suisse released a research report that maintained$China Oilfield Service (02883.HK) $With a "outperform" rating, oil prices have risen 30 per cent since the end of November and are rapidly approaching US $90 a barrel, the highest level since 2014, with the target price raised from HK $8 to HK $9.

The bank expects COSL's operating environment to improve this year, which will drive earnings growth this year and strongly support the upward trend of its share price, rather than just tracking oil prices. On the other hand, the market outlook has stabilized under CNOOC (00883)'s capital expenditure budget of RMB 90 billion-100 billion this year, but Credit Suisse believes that COSL's investment theme this year will be overseas market recovery.