CNOOC Ltd (CEO), China's offshore specialist, shed another $3.64 or 3.08% on Tuesday driving the cumulative loss up to 20% since June 8. While the reasons are well known, the magnitude of fall suggests the stock is oversold and thus is ripe for a comeback. Price of crude is linked directly to the profitability of the third largest Chinese oil producer. CNOOC Ltd. has no refining capacity and any profit the company makes is from selling crude. But based on a comparative Overbought/Oversold report, CNOOC Ltd. is the most oversold China stock listed in New York at the moment. So get ready for a bounce back any minute.