CNOOC Rose 4%, boosted by higher oil prices and industrial chain expansion

CNOOC, which has benefited from the rise in international crude oil prices, has risen markedly this morning, with shares now up 4.12% to HK $10.62, trading 40.67 million shares. But the company recently predicted that as the global economy continued to slide, oil prices in the top of the 60 dollars per barrel up the space is limited, the average global crude oil prices this year about 50-60 U.S. dollars/barrel. The weakness in crude oil may constrain the oil producer's profit margins, but CNOOC's board chairman, Fu, said it planned to acquire downstream assets from its parent company and was committed to eventually developing into an integrated oil company to circumvent fluctuations in the price of crude by synchronizing the downstream terminal pricing of the industry,　　For the long-term realization of stable profit margins. The Sun Hung Kai Finance said it expects crude oil prices to remain above $60 a barrel in the short term, which is expected to benefit CNOOC. It is suggested that investors can absorb low when the shares fall to HK $9.8, with a short-term target price of HK $12.36 in August last year, which is 16% higher than the market premium.