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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.