CNOOC, which executives have announced plans to buy downstream assets from the parent company and is committed to eventually developing into an integrated oil company, has risen sharply this morning, with shares now up 1.28% to HK $11.06, trading 7 million shares. Dahua (UOB) issued a report saying that the unit's rating was raised from holding to buy, synchronizing the target price from HK $10.26 to HK $13.85, a market premium of 25%. UOB refers to the forecast value of oil prices to 2009 $60/barrel, 2010 70 USD/barrel, the original forecast value of 55 U.S. dollars/barrels and 65 dollars/barrel. The forecast for CNOOC's fiscal year 09 and 10 was increased by 11% and 7% respectively. said the re-rating of CNOOC is still in progress under the strong rebound in oil prices. The latest international oil price, the New York Mercantile Exchange Tue Light low sulfur crude oil futures contract settlement price dropped 3 cents, to 68.55 U.S. dollars per barrel, ending the previous six consecutive trading days of the rally, and has been close to the 70 dollar resistance level.
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