18.05.2020 ARAMCO Daily Analysis

18.05.2020 ARAMCO Daily Analysis

Oil prices are slowly picking up as could be seen on Friday when both Brent and WTI oil made more than 1% gain after making more than 7% gains in the previous trading sessions. These rises can be attributed to the rising demand for crude oil in China as their economy gets on the path to recovery. OPEC with associated producers had agreed to cut output by almost 10 million barrels per day and Saudi Arabia this week extended it's planned reduction by 5 million barrels. However, investors in the markets are still not fully convinced because the Covid-19 crisis is far from over and even the areas that have been reopening are experiencing new cases of infection. Saudi Aramco is currently trading at 32.45 Saudi Rials as of the time of this writing.