Shares of CNOOC Ltd., China's leading offshore oil and gas producer, plunged nearly 6% on Tuesday, as a sharp decline in global oil prices hammered energy stocks across the region.
The sell-off in CNOOC's stock came amid a broader retreat in Hong Kong markets, with the Hang Seng Index falling 1.3% to a one-month low. Concerns about the global growth outlook and uncertainty around the upcoming U.S. presidential election weighed on investor sentiment.
Crude oil prices tumbled more than 4% overnight to a nearly three-year low, with Brent crude, the international benchmark, dipping below $90 per barrel. The sharp decline in oil prices was driven by fears of a potential recession that could dampen demand for energy. Other Chinese oil majors, including PetroChina and Sinopec, also saw significant drops, shedding around 5% in their stock prices.
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