Oil stocks in Hong Kong advanced in afternoon trading. At the time of writing, CNOOC (00883) rose 2.69% to HK$27.48, Kunlun Energy (00135) gained 2.14% to HK$7.62, PetroChina (00857) increased 1.46% to HK$11.15, and Sinopec Corp (00386) climbed 0.89% to HK$4.53.

The move followed a surge in Brent crude futures above $112 per barrel on Monday afternoon. The International Energy Agency (IEA) had previously warned that global oil inventories are being depleted at a record pace. This alert has heightened market concerns that stocks of certain oil products could fall to critically low levels in the coming months, potentially triggering bidding wars for increasingly scarce supplies.

Furthermore, the head of commodity and derivatives research at a major US bank cautioned in an interview that the global oil market is currently facing a "significant supply shortfall," estimated at 14 to 15 million barrels per day. This represents a demand gap of approximately 14% to 15%. He stated that oil prices are unlikely to retreat to the $60-$70 per barrel range until this supply deficit is addressed.