As my colleague Matt wrote last week, Saudi Aramco began its road show to begin showcasing the state-owned giant to investors yesterday. They expected to wrap it up before the OPEC meeting on December 4 in Vienna. But according to Bakr, which covers OPEC and Middle East Oil policy for the Energy Intelligence, multiple international investors have reportedly told Saudi Aramco that they would limit participation in the IPO if it is valued at USD 1.5 Trillion. In addition, comments out of China that a trade deal, or changes to the trade deal, may not happen before the end of President Trump’s presidency are also affecting the oil market.
On Monday morning, Light Crude Futures gapped higher only to quickly fill the gap and trade lower on the day. Price moved lower from a high of 58.17, broke lower through the 200-day moving average at 57.37 and is currently down nearly 2.25% on the day, putting in a low so far of 55.62.
Read more at : https://www.investing.com/analysis/markets-not-all-in-on-saudi-aramco-ipo-200486463