ANI
13 May 2022, 17:07 GMT+10
Jeddah [Saudi Arabia], May 13 (ANI): Oil magnate Saudi Aramco on Thursday overtook Apple Inc, to become the world's most valuable company due to the recent surge in oil prices.
Aramco is now worth about USD 2.43 trillion, compared with Apple's USD 2.37 trillion, CNN reported citing data from Refinitiv.
Market capitalizations fluctuate frequently as earlier this year, Apple (AAPL) hit the USD 3 trillion mark, to become the first company to do so and making it by far the most valuable company on the planet.
The latest market moves point to how the outlook for energy and tech producers has shifted lately, CNN said.
This year, oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine.
Brent crude prices have climbed by as high as 36 per cent this year and are still trading at over USD 106 a barrel.
Meanwhile, Apple's stock has fallen more than 17 per cent since January, the CNN report said.
The iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers' factories have been temporarily caught in the country's COVID lockdowns.
Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns "the albatross for the June quarter," saying in a report that Apple's supply chain woes in China would likely remain the "peak worry" for investors in the short term. (ANI)Get a daily dose of Professional Autos news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.
More InformationRIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
CHENGDU, July 10 (Xinhua) -- At a car parts factory in southwestern Chinese city of Mianyang, a group of humanoid robots undertook...
New Delhi [India], July 9 (ANI): The 'Keel Laying' ceremony of the third Fleet Support Ships (FSS) of the Indian Navy was held at L&T...
Kochi (Kerala) [India], July 9 (ANI): The Kerala government has filed an appeal against the High Court single bench order quashing...
New Delhi [India], July 9 (ANI): Stressing that Punjab needs more water to cater to its irrigation needs, as most of the state's river...
Hyderabad (Telangana) [India], July 9 (ANI): Telangana Irrigation, Food and Civil Supplies Minister Capt. N. Uttam Kumar Reddy on Wednesday...
Hyderabad (Telangana) [India], July 9(ANI): Senior Congress leader V Hanumanth Rao on Wednesday held a day-long dharna near the Rajiv...