If you were going to put together two areas of the market which are complete duds, I bet that China and oil would be on that list. Oil prices have been in free fall since topping out over $64 at the start of the year, tumbling down to $47 during Wednesday’s trade. Then, there’s China. Not only have they taken a hit due to the trade war, but now they are taking a punch because of the coronavirus. Mix these two terrible parts of the market together and you get a stock or two that you should probably avoid. One of these stocks is today’s Bear of the Day.
China Petroleum & Chemical Corporation (SNP - Free Report) , an energy and chemical company, engages in oil and gas, and chemical operations in the People's Republic of China. It operates through five segments: Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others. The company explores for and develops oil fields; produces crude oil and natural gas; processes and purifies crude oil; and manufactures and sells petroleum products.