Oil stocks are broadly under pressure. As of press time, PETROCHINA (00857) fell 2.47% to HK$7.1; CHINA OILFIELD (02883) dropped 1.93% to HK$6.6; CNOOC (00883) declined 1.71% to HK$18.95; SINOPEC CORP (00386) fell 1.71% to HK$4.03.

On the news front, oil prices plummeted Monday amid indications that OPEC+ may decide at its October meeting to increase production again in November. WTI crude futures fell 4% intraday, marking the largest decline since June. At the close, WTI November crude futures settled down $2.27, or 3.45%, at $63.45 per barrel. Brent November crude futures closed down $2.16, or 3.08%, at $67.97 per barrel.

Reports citing informed sources revealed that the OPEC+ alliance led by Saudi Arabia is considering raising output to at least above the planned increase of 137,000 barrels per day next month. Da Yue Futures believes that increased supply pressure and eased geopolitical concerns both brought significant downward pressure on oil prices. Additionally, the U.S. government's failure to reach agreement on spending negotiations has significantly increased shutdown risks, further suppressing oil prices.