Morgan Stanley expects shares of CNOOC, PetroChina to rise in next 15 days

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Morgan Stanley said that shares of CNOOC and PetroChina have a 60%-70% odd to rise within 15 days, according to a research note. 

The banks gives CNOOC’s shares a target price of HK$14.4, with rating at Overweight. It gives PetroChina a target price of HK$6.5 and maintained its Overweight rating

The bank believed that the voluntary production cut of 1 million barrels per day starting from July announced by Saudi Arabia will bring support to oil prices in the short term.