RTTNews | Oct 5, 2021 11:22AM EDT

11:22 Tuesday, October 5, 2021 (RTTNews.com) - PetroChina Company Limited (PTR), a Chinese oil and gas company, is trading 7% higher on the NYSE in the Tuesday market, despite the company not posting any stock-specific news to boost the shares. The shares of PetroChina have started to climb after the company announced last week that the company expects to increase its Shale oil production from an oil field in northeast China. It was also reported that the Chinese population is stocking up on Liquified Natural Gas despite a price-hike as winter sets in. This has resulted in the stock of PetroChina climbing the highest since January 2020. Meanwhile, oil prices rose on Tuesday, with Brent crude oil futures hovering near three-year highs and U.S. benchmark crude holding close to 2014 peaks, after OPEC and other major producers decided not to increase their output by more than previously agreed. The shares are currently trading at $51.03, up $3.40 or 7.14% since their previous close at $47.63. The stock opened at $52.48 in the morning. In the 52-week period, the shares have ranged between $27.68 and $51.45 per share.

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