Shares of China's state-owned oil and gas giant CNOOC Ltd. plummeted on Tuesday, caught in the downdraft of a sharp decline in global crude oil prices that rattled energy stocks across the region.
CNOOC's stock dropped 5.95% in Hong Kong trading, mirroring the broader sell-off in the energy sector. The plunge came as crude oil prices tumbled more than 4% overnight, with the international benchmark Brent crude dipping below $90 per barrel, its lowest level in nearly three years.
The steep decline in oil prices was fueled by growing concerns about a potential recession that could dampen demand for energy. Analysts warned that the gloomy global economic outlook, coupled with uncertainty surrounding the upcoming U.S. presidential election, had cast a cloud over the oil market.
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