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.



Like this

Latest


07 November 2017
Columbus Crew advance despite second-leg loss to NYCFC
NY came into Sunday's second leg needing at minimum a three-goal win after falling 4-1 to the Crew in the first leg. It won Tuesday after advancing from the knockout round on penalties following a 0-0 draw at Atlanta United.

07 November 2017
Analyst Ratings for: Walgreens Boots Alliance, Inc. (WBA)
Over a month, it has seen its stock price volatility to stay at 2.67% while shortening the period to a week, volatility was 2.75%. This repurchase authorization authorizes the pharmacy operator to repurchase shares of its stock through open market purchases.

07 November 2017
Donald Trump Tells Japanese Automakers To Make Cars In US (They Do)
Trump's talk with troops at Yokota Air Base was the first presidential engagement of its kind to happen at Yokota Air Base. Rather than building cars overseas and importing them, they're building cars here, creating jobs for American workers.

07 November 2017
Manchester City vs. Arsenal, 2017 Premier League
Arsenal haven't lifted the Premier League trophy since 2003-04 when the Gunners managed to go unbeaten throughout the season. City have been flawless to start the season and have only dropped two points out of a possible 30 to open the season.

07 November 2017
Bombay HC allows woman to abort abnormal foetus
Having perused the report, the judges allowed Rawal to undergo an abortion in the state-run JJ Hospital on Tuesday. The Bench said that the petitioner - the expectant mother - had been explained the outcome of this pregnancy.

07 November 2017
Shots fired at Greek socialist party headquarters
The shots were fired about an hour before a televised debate among candidates to lead the broader socialist alliance. Authorities said that there were no injuries from the shooting but there had been damage to a nearby clothes store.

07 November 2017
Star jockey Joao Moreira out of Melbourne Cup after horror fall
From seven Group 1 rides, Allen's best performance came when second aboard Fatinaah in this year's Oakleigh Plate (1100m). Apprentice Ben Allen will replace the injured Joao Moreira , above, on Thomas Hobson in the Melbourne Cup at Flemington.

07 November 2017
EPS for Everspin Technologies Inc (MRAM) Expected At $
Market worth or Market capitalization is calculated by multiplying the price of a stock by its total number of outstanding shares. The formula is calculated by looking at companies that have a high earnings yield as well as a high return on invested capital.

07 November 2017
Richiesta dʼarresto Puigdemont: prima udienza in Belgio venerdì 17/11
Con a lui, la richiesta riguarda anche quattro suoi ministri, che al momento sono in libertà vigilata nel Paese. I politici catalani sono accusati di ribellione, sedizione, malversazione, prevaricazione disobbedienza.

07 November 2017
Infiniti Teases New QX50 Ahead of Debut Later This Month
The development target outputs are 272 PS and 390 Nm of torque, enough for the company to retire the venerable VQ 3.5 litre V6. If the vehicle does go on sale locally, it will likely be pitched against the BMW X3, Mercedes-Benz GLC, and Lexus NX.



Recommended