06.04.2020 ARAMCO Daily Analysis

06.04.2020 ARAMCO Daily Analysis

This week we might see a significant increase in oil prices in anticipation of the “virtual” summit of global oil leaders to discuss the market, along with representatives from the Russian oil industry and other world energy leaders. The meeting that was announced last week saw oil prices soar briefly before settling at a not-so-bad-price-yet-not-so-good price.   The announcement of the meeting, called last week, was to mediate a truce between Saudi Arabia and Russia in their ongoing price war.   The Kremlin made a statement that they were "very very close" to coming to a deal with the Saudis. US President Donald Trump had initially tried to mediate between the two parties but upon failing  Trump instead threatened to levy tariffs on imports of foreign oil, something that would depress prices further outside the U.S. Aramco's stock is currently trading at 31.95(+1.43%) Rials