0353 GMT - Chinese oil majors led the share-price pullback in most oil-and-gas plays, but this creates an upside for investors of these stocks, DBS Group Research writes in a report. DBS sees value emerging for PetroChina, upgrading the stock to buy from hold, though it cuts the target price to HK$6.90 from HK$7.60 after trimming earnings forecasts for the energy company to account for lower crude prices. However, oil could stage a technical rebound in the near term given the markets' bearishness, "with paper markets in Brent crude being 'net short' for the first time in history," the research team says. DBS lowers its oil-price outlook through 2025, as demand concerns in China continue and the OPEC+ supply increase is ahead. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
September 16, 2024 23:53 ET (03:53 GMT)
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