Oil prices ended higher last week, adding to gains, as the market continued to react to statements about progress on a trade deal between the US and China. American economist Larry Kudlow reported that there are positive signs coming out of the negotiations. Elsewhere, IEA warned the markets that Opec and its allies face a major challenge next year as demand falls sharply in response to accelerating production from rivals. The much-anticipated initial public offering of Saudi Arabia’s state oil giant, expected the week after the meeting of ministers, will be one reason why Saudi Arabia has every incentive to keep oil prices higher. Saudi Arabia set a valuation target for Aramco’s initial public offering well below Crown Prince Mohammed bin Salman’s goal of $2 trillion and pared back the size of the sale to ensure the world’s largest oil producer successfully lists on the Riyadh stock exchange next month. Saudi central bank also relaxed lending limits to boost demand from local investors after bankers were unable to convince many international money managers of the merits of the deal. Aramco will sell just 1.5 per cent of its shares on the local stock exchange, about half the amount that had… Read full this story
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