Chinese oil drops 1% Citigroup's continued rating on selling worries

International crude oil prices fell slightly below 70 U.S. dollars/barrel, China's oil shares in the lower margin today, the shares fell 1.04% to HK $8.59, trading 70.86 million shares.　　Citigroup issued a report saying it maintained the unit's sales rating, but set its target price from HK $5.4 to HK $6.9, but still a 20% discount on market prices. Citigroup pointed to a 15% and a 23% increase in China's fiscal year 2009 and 2010 respectively, given the expected rise in oil prices. But the shares have already reflected the price of crude oil up to $82 a barrel. At the same time, the rapid rise in costs is still a major concern, and over the past 3 years, PetroChina's upstream controllable costs have risen by 6.5 dollars/oil equivalent barrels a year, now reaching around $35 a barrel.