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Goldman Sachs: Chinese Stocks Poised for Gains Amid Oil Price Surge
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Oil Price Surge Could Boost These Chinese Stocks, Goldman Says
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CNBC TV18
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09-03-2026, 10:36
Oil Price Surge Could Boost These Chinese Stocks, Goldman Says
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Goldman Sachs predicts sustained gains in oil prices will benefit Hong Kong-listed CNOOC and PetroChina.
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Middle East tensions, including the Iran war halting shipping through the Strait of Hormuz, caused Brent crude to soar 28% last week.
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Brent crude, which settled at $92.69, could rise to $100 if Strait of Hormuz flows drop significantly.
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CNOOC and PetroChina's full-year free cash flow could be boosted by over 10% even with Brent at $80-90 a barrel.
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Goldman has a less favorable view on Sinopec due to domestic pricing mechanisms; US restricts CNOOC share purchases.
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