Oil prices start to climb on news of Saudi Arabia’s share offering in Aramco
Oil prices started Tuesday morning on the front foot, climbing closer to the $45 a barrel mark, following Saudi Arabia's announcement that it will sell shares in state owned oil giant, Aramco.
Brent Crude climbed by 0.67 per cent to $44.78 before the European stock markets opened. Yesterday, the commodity started the week on the slide as investors booked profits off the back of a three-week long rally.
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As part of a package of economic reforms, Saudi Arabia deputy crown prince Mohammed bin Salman announced yesterday that the country will sell around five per cent of its national oil company, Saudi Aramco, as it looks to diversify its economy.
The share offering will see Aramco valued at around $2 trillion (£1.38 trillion) – well ahead of Apple, which is valued at around $600 billion, as the world's largest company.