Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Asia’s largest oil and gas producer, PetroChina, surged 2.1 percent to HK$5.94, tracking a 4 percent hike in crude oil prices overnight, but gains were capped by a slight pullback in oil prices on Wednesday after data showed U.S. crude inventories rose much more-than-expected last week. For full story, click here
Analysts expect that PetroChina’s first-half net profit may fell by at least a third as losses in its refining business eroded gains from surging crude oil prices. Qiu Xiaofeng, a petroleum analyst at China Merchants Securities in Shanghai, estimates: PetroChina will report 48.5 billion yuan ($7 billion) in net profit for the first half, down about 40 [...]
PetroChina Company Limited is expected to suffer a 38.6% decline in H1 net profit from a year ago to CNY 50.23 billion, or CNY 0.27 per share. For more information, click here For company’s website, click here
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