09.04.2020 ARAMCO Daily Analysis

09.04.2020 ARAMCO Daily Analysis

Saudi's Aramco shares are currently trading at 32.05(0.16%) Saudi Rials. This might be heading up soon because the oıl trade meeting that was scheduled for Monday this week had been postponed to Thursday and investors and oil companies are looking forward to this. A  reduction in the production of oil should see an improvement in oil prices. The excessive supply of oil over the past couple weeks has seen oil prices go down by almost half their value and hitting record lows. However, Crude futures had tumbled late on Tuesday amid pessimism that even a 10 million barrel-a-day cut would not fix an oversupply problem, given that global demand has fallen by even more. as a result of the coronavirus pandemic.