Economy

Trump calls on Saudis to list Aramco on NYSE

Trump calls on Saudis to list Aramco on NYSE”

The weekend brought on major changes in Saudi Arabia, Opec's largest producer, as the kingdom detained dozens of government officials and businessmen in a corruption probe, led by Crown Prince Mohammed bin Salman.

The West Texas Intermediate for December delivery rose 1.71 US dollars to settle at 57.35 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery jumped 2.20 dollars to close at 64.27 dollars a barrel on the London ICE Futures Exchange.

The balance in the ECA stood at $2.309bn as of September 27, 2017, according to the Ministry of Finance, while the nation's external reserves rose to $33.93bn as of November 3, 2017, latest data from the Central Bank of Nigeria showed on Monday. Prices rose 3.5 percent to $64.27 on Monday, the highest close since June 2015.

Both benchmarks hit their highest since mid-2015 during the session.

Crown Prince Mohammed bin Salman had royals, ministers and investors arrested in the purge.

"The price rise is a reaction to the uncertainty from Saudi Arabia", the Chief Executive Officer, Sun Global Investments, Mihir Kapadi, told The Guardian.

The move came after a missile was sacked toward Riyadh on Saturday.

Iranian Foreign Minister Mohammad Javad Zarif said Saudi Arabia was blaming Tehran for the consequences of its own "wars of aggression". "We see WTI above $60 and may even see Brent above $70 by the end of the year".

The oil market is more concerned about USA shale supplies than any repercussions from a crackdown that's enveloped royals and billionaires in Saudi Arabia, Organization of the Petroleum Exporting Countries' (Opec) biggest producer and the world's top crude exporter.

OPEC is expected to extend a cut of around 1.8 million barrels per day into the whole of 2018.

In oil fundamentals, traders said there were ongoing signs of tightening market conditions.

While the number of rigs drilling for crude in the USA slipped by eight to 729 last week, the total count is 62% higher than a year earlier.

Speculators increased their bets on gains in the price of Brent to a record high.



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