Oil companies are on the rise at Asian stock exchanges
Oil installations in Abqaiq and Khurais were probably hit by several drones on Saturday. This halted around 5 percent of worldwide oil production. US President Donald Trump has given permission to use oil from the country’s strategic reserve.
The price of Brentolie was more than 10 percent higher at 66.28 dollars. Brent previously became a whopping 19 percent more expensive at $ 71.95 per barrel during the Asian trade in Singapore. That was the strongest price increase since the Brent contract was launched in 1988. The price of a barrel of American oil increased by 9.4 percent to $ 60.01 per barrel.
The stock market in Shanghai was almost flat in the meantime. Chinese economic growth showed a further slowdown in August. Both Chinese industrial production and retail sales in the country increased less strongly than expected last month. The Chinese oil companies PetroChina and CNOOC rose 3.5 and 6.7 percent.
The Hang Seng index in Hong Kong fell 1.1 percent, following the ongoing pro-democratic protests in the city last weekend. Stock market operator Hong Kong Exchanges and Clearing fell 2.4 percent. The London Stock Exchange (LSE) has rejected the takeover bid of its Hong Kong counterpart.
The All Ordinaries in Sydney rose a fraction. The Australian oil producers Woodside Petroleum and Santos won 4.6 and 5.4 percent. The Kospi in Seoul scored 0.5 percent in the plus. The South-Korean oil company S-Oil added 1.8 percent.