Shares of China National Offshore Oil Corporation (CNOOC) gains 3.5% to close at HK$11.98, marking a new record high. Sinopec gain 3.5% to close at HK$4.5, the highest level in nearly four years, and PetroChina gains nearly 1% to close at HK$4.31, the highest level in more than four years.
Saudi Arabia has raised the prices of most of its crude oil sold to Asia and Europe in April, suggesting that it believes the demand for oil in Asia and Europe will increase, while maintaining the prices of crude oil sold to the US unchanged.
The price hike comes as signs of an economic rebound in China raised expectation for a pickup in fuel demand from the world’s top oil importer.
Although crude oil futures prices have declined slightly this year, many energy traders and corporate executives expect prices to continue to climb and some believe that, as pandemic restrictions ease and inflation slows in major economies, oil prices may rise to $100 per barrel later this year.