Shares of major oil companies received a significant boost during trading today, Tuesday, March 21, after a number of central banks revealed their intention to inject liquidity into the market to support the banking system.
And the stocks of energy companies in the Asian, European and American markets reaped gains again, in conjunction with the rise in oil prices and the decline in the price of the dollar, amid anticipation of the Federal Reserve’s position on raising interest rates.
The rise in shares of major oil companies came after the announcement of a deal to save the Credit Suisse bank, which eased concerns about the risks of the global banking sector that could harm economic growth and reduce demand for fuel.
Aramco share price
Aramco’s share price rose on the Saudi stock exchange “Tadawul”, with the easing of fears of the global recession crisis and the rise in oil prices.
Aramco’s share ended Tuesday’s trading, up by 1.45%, at 31.55 Saudi riyals ($8.40), after it recorded stability in the previous session.
Aramco shares today recorded 5.861 million shares traded through 10.4 thousand transactions, at a value of 184.5 million riyals ($49.11).
* The dollar is equivalent to 3.75 Saudi riyals.
Total Energy share price
The French Total Energy share rose about 3.66%, in trading today, Tuesday, supported by the rise in oil prices and indications of a breakthrough in the banking crisis in Europe and America.
And the share price of Total, by 01:30 pm GMT (3.30 pm Mecca time), was about 55.79 euros (60.13 US dollars).
Crude oil prices rose about 2%, today, Tuesday, March 21 (2023), after they started the morning trading on a decline, in an attempt to compensate for some losses after a week of banking unrest, which cast a shadow on the markets.
BP share price
In the footsteps of the shares of the major oil companies themselves, the share of the British Oil Company “BP” followed, which rose by 3.84%, during trading, supported by the decline in fears of the global recession crisis.
BP’s share price recorded about 505.70 pence sterling, equivalent to 6.20 US dollars, after achieving huge gains over the past year, supported by the rise in energy prices.
By 01.37 pm GMT (04:37 pm Mecca time), the price of Brent crude futures – for May 2023 delivery – increased by 1.84%, recording $ 75.15 a barrel, after it fell to its lowest level in 15 months during the previous session. .
Shell share price
Shell’s share followed the same trend, as it rose 3.96% in today’s trading, to record about 23.25 pounds (28.44 US dollars), supported by the rise in oil prices and the decline of the US dollar.
Market investors are currently focusing on the US Federal Reserve’s interest rate decision after its two-day meeting this week.
Since the banking conflict began this month, the markets have lowered expectations for the next Fed rate hike to 25 basis points, down from previous expectations for an increase of 50 basis points.
Eni share
The Italian Eni was not isolated from the stocks of the major oil companies, which rose with the relief of the global banking crisis, and the return of liquidity to the markets.
Eni’s share rose by 3.67% in today’s trading, to record about 12.67 euros (13.66 US dollars), supported by the rise in oil prices.
The dollar index fell on Tuesday, after hitting a 5-week low in the previous session, which provides support for oil demand, as it makes the commodity cheaper for buyers holding other currencies.
Exxon Mobil
The American Exxon Mobil stock jumped about 3.95% in today’s trading, to record about $106.5.
The latest US Oil Inventories report, according to a Reuters survey, is also set to show a decline in crude oil and product inventories.
The first report from the American Petroleum Institute is due at 08:30 pm GMT today, Tuesday, which indicates an increase in fuel demand.
Chevron stock price
American Chevron’s stock rose by 2.61% in today’s trading, to record about $158.61, to reap gains from the rise in oil prices and the dollar’s decline.
This comes as the OPEC+ alliance, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), as well as Russia and other allies, plans its ministerial meeting on April 3 to discuss market conditions.
Sources in OPEC + had confirmed, in exclusive statements to the specialized energy platform, that the decline in crude oil prices during the past days is a “natural reaction” to what is happening in the market, indicating that the alliance does not intend to make any change in production policy during the current period.
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