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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Oil prices settle up over 2% on COVID-19 vaccine news

11/23/2020 | 03:14pm EST
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

NEW YORK (Reuters) - Oil prices settled up more than 2% on Monday, extending last week's gains as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.

Brent crude settled up $1.10, or 2.45 % to $46.06 a barrel while U.S. West Texas Intermediate crude gained 64 cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped 5% last week.

British drugmaker AstraZeneca said on Monday its vaccine, developed along with the University of Oxford, could be around 90% effective.

"Another dose of favorable coronavirus vaccine news today has prompted a renewed upswing in the equities that has easily spilled into the oil space," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

The contango structure in the market, whereby the prices of front-month delivery contracts are lower than those for delivery six months later, narrowed to as little as 31 U.S. cents, its smallest since mid June, reflecting traders' views a sustained glut is receding.

Graphic: Brent 6-month contango shallowest since June - https://graphics.reuters.com/GLOBAL-OIL/xegvbqbjapq/chart.png

Outlook for demand has improved with news indicating progress towards developing COVID-19 vaccines. A U.S. official said the first inoculations in the United States could start a day or two after regulatory approval was secured.

"The oil complex is benefiting from vaccine news and preliminary data is showing some decent jet fuel demand for the first time since this whole pandemic started," said John Kilduff, partner at Again Capital LLC in New York.

Sentiment was also bolstered by expectations that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, would extend a deal to restrain output.

On the supply side, OPEC+, which meets on Nov. 30 and Dec. 1., will look at options to extend its deal on output cuts by at least three months from January.

Smaller Russian oil companies are still planning to pump more crude this year, a group representing the producers said.

(Additional reporting by Shadia Nasralla in London, Jessica Jaganathan in Singapore; Editing by Edmund Blair, Barbara Lewis and David Gregorio)

By Laura Sanicola


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.44% 7592 Delayed Quote.3.66%
LONDON BRENT OIL -2.91% 54.8 Delayed Quote.8.12%
SAUDI ARABIAN OIL COMPANY -0.43% 35 End-of-day quote.0.00%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.09% 73.245 Delayed Quote.-0.66%
WTI -3.09% 52.11 Delayed Quote.9.44%
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Financials
Sales 2020 819 B 218 B 218 B
Net income 2020 203 B 54 196 M 54 196 M
Net Debt 2020 317 B 84 507 M 84 507 M
P/E ratio 2020 33,7x
Yield 2020 3,94%
Capitalization 6 996 B 1 865 B 1 865 B
EV / Sales 2020 8,93x
EV / Sales 2021 6,68x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
Duration : Period :
Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 32,56 SAR
Last Close Price 35,00 SAR
Spread / Highest target 11,4%
Spread / Average Target -6,98%
Spread / Lowest Target -31,4%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
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1st jan.Capitalization (M$)
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