Shares in Saudi Aramco have gained on the second day of trading, pushing the oil and gas company to a more than 2 trillion US dollar (£1.51 trillion) valuation.
Oil extended gains as OPEC crude output dropped before the group and its allies meet this week to set the path for future production cuts.
Oil held gains near $58 a barrel on signs a limited U.S.-China trade agreement is within reach and after analysts forecast the first drop in American crude inventories in five weeks.
Oil snapped a six-day losing streak as a surprise drop in U.S. stockpiles and tumbling OPEC output helped to offset more evidence the global economy is weakening.
Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
It’s been at least three years in the making, but it’s just dawned on investors what a share sale by Saudi Aramco would do to the Arab world’s biggest stock exchange.
Brent crude could slump toward a level it hasn’t seen since December 2018 prompting deeper output cuts from OPEC and its allies, according to one of world’s biggest oil traders.
Oil is poised for a second weekly loss as investors weigh the deteriorating U.S.-China trade dispute against the latest steps from Saudi Arabia to stabilize the market.
Oil extended gains after closing at a seven-week high as around a third of the Gulf of Mexico’s crude output was cut before a potential hurricane and U.S. crude inventories shrunk more than expected.
Oil fell for the first time in a week as concern over the slowing global economy took precedence over geopolitical tensions, while investors waited for an indication on the Federal Reserve’s rate-cut path.
Oil held gains as rising tension in the Middle East kept investors wary, while expectations the U.S. and China can make a quick breakthrough following the resumption of trade talks are low.
Westwood Global Energy reports that there were five active exploration wells and two active appraisal wells as of June 25. Since the last report, six wells have spudded and four have completed.
Brent crude extended gains as Saudi Arabia expressed hope that OPEC and its allies will agree to extend production cuts into the second half at a meeting that will probably take place early next month.
Investors in offshore rig contractor Gulf Marine Services (GMS) showed their anger by heavily voting against bosses’ pay packages at its annual general meeting yesterday.
Brent crude traded around $70 a barrel as a two-day rebound petered out on signs the U.S. and China are still far from reaching a trade deal, while supply risks from the Persian Gulf to Venezuela kept investors wary.
This week could mark the beginning of the end for the biggest equities play in Middle Eastern markets: the upgrade of Saudi Arabia to emerging-markets gauges.
The FTSE 100 has lifted higher despite Theresa May's resignation announcement, as an uplift in US-China trade relations dominated sentiment.
Westwood Global Energy reports that there were three active exploration wells at the time of writing(April 30).
Westwood Global Energy reports that at the end of April, three exploration wells were active, with two in the West of Shetlands and one in the Central North Sea.
Top-flight shares in London finished the day in the red on Tuesday, but losses were pared by a dip in the value of the pound.
The FTSE 100 ended the day higher on Wednesday while the pound was held back by Brexit worries following Theresa May's desperate plea to Jeremy Corbyn to help end deadlock in Westminster.
The FTSE 100 racked up its highest points tally of the year on Tuesday as the pound came under selling pressure off the back of renewed Brexit fears.
The pound gained ground on Monday as traders pinned their hopes on a fresh Brexit deal being presented to Parliament this week.
Ophir Energy Plc’s takeover by Medco Energi Internasional Tbk could be blocked by a contingent of the U.K. company’s shareholders who want a higher offer, according to some of the investors.
The FTSE 100 edged higher on Monday as investors grew sanguine on the progress of US-China trade relations.