PetroChina, one of China's largest oil and gas producers, saw its shares plunge by 6.15% on Tuesday, September 11th, as a slump in crude oil prices revived concerns about the global growth outlook.
The decline in PetroChina's stock price was part of a broader sell-off in Hong Kong's equity market, with the Hang Seng Index falling 1.3% to a one-month low. Chinese oil producers led the declines, with PetroChina, CNOOC, and Sinopec all registering significant losses.
Crude oil prices tumbled by more than 4% overnight, hitting their lowest level in nearly three years. The slump in oil prices has raised concerns about the implications for global economic growth, as a sustained period of low energy prices could dampen investment and activity in the energy sector.
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