Commodities
Chinese Oil and Shipping Shares Tumble After Warnings on Rally
A cargo ship loaded with imported crude oil docks at the crude oil terminal berth in Qingdao, Shandong Province.
Photographer: Costfoto/NurPhoto/Getty Images
Shares of Chinese oil and shipping companies tumbled amid company warnings on risks tied to recent sharp gains, as concerns about volatile crude prices and an uncertain shipping market remained high.
Oil industry leaders including China Petroleum & Chemical Corp., PetroChina Co. and Cnooc Ltd. all dropped at one point by as much as 10% in Shanghai trading before paring some of the losses. Those of shipping giants China Merchants Energy Shipping Co. and Cosco Shipping Energy Transportation Co. also fell by the daily limit.