Saudi Arabia might still have a card up in its sleeve as the oil markets continue to dwindle in weakness in the face of a coordinates cut by major global crude producers.
The Saudis are taking it slow says analysts at RBC Capital Markets, in Thursday's note that’s because the key elements of the country’s vision for the 2030 program is to wean its economy off oil are 2018 event, Which includes the crucial partial listing of state-owned Saudi Arabian Oil Co, also known as Saudi Aramco, which could value the firm as much as $2 trillion
The global benchmark, Brent Crude, is down by more than 15%, while the U.S. benchmark, is off by 14.6% both are up by more than 3% this week, although, buoyed in part by a sharp fall in U.S. crude inventories.
The Dow Jones ended the session in new highs for the 24th time this year as gains in the financial sector pushed the broader markets land modest gains before the roster of the corporates results from the U.S.’s biggest banks were released.
The Dow Jones Industrial Average was up by 20.95 points or is equal to 0.1% to close at 21,553.09. The S&P 500 index gained 4.58 points, which is equal to a 0.2% move to the end at 2,447.83.