House panel to weigh in on China oil deal

The $18.5 billion takeover bid by China’s CNOOC Ltd <0883.HK> <CEO.N> for U.S. oil producer Unocal<UCL.N> is expected to find a critical reception at a congressional hearing on Wednesday.

With tensions over currency issues and China’s trade surpluses rising along with oil prices, the Armed Services Committee of the U.S. House of Representatives will examine the national security implications of state-owned CNOOC’s bid.