(Bloomberg) -- Profit at China Petroleum & Chemical Corp., Asia's largest refiner, may peak in the first quarter of this year as crude oil prices rebound, reducing margins from producing fuels at state-controlled prices, UBS AG said.
Brent oil has averaged at $62.5 a barrel since March, more than the breakeven point of $60 for Sinopec, as the Beijing-based company is known, UBS analysts Thomas Wong and Lauren Wong wrote in a research note yesterday. They cut their rating on the stock to ``reduce 1'' from ``neutral 1.''
Read more at Bloomberg Emerging Markets News
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