Saudi Aramco, the state-owned oil company, has dethroned Apple AAPL +3.59 percent, the maker of iPhones and Mac computers, as the world’s most valuable company.
The oil giant reached a near-record high of $2.4 trillion in market capitalization on Wednesday, surpassing Apple, which fell more than 5% to just below that level.
Apple (AAPL) shares have fallen nearly 20% this year, while Aramco has increased by 28%. Saudi Aramco (2222.SA) last surpassed Apple’s value in 2020.
The company that controls the extraction of crude from Saudi Arabia, which has the world’s second-largest reserves, has benefited from the rise in oil prices since Russia invaded Ukraine in February. This has also boosted shares of Exxon Mobil XOM +2.55 percent (XOM), Chevron CVX +2.16 percent (CVX), and Occidental Petroleum (OXY).
Meanwhile, Apple has lost ground as higher inflation has compelled the Federal Reserve to intervene. Rising interest rates have hammered technology stocks, dragging the Nasdaq CompositeCOMP +4.05 percent down 25 percent so far in 2022.
Brent crude, the international benchmark, fell 1.9 percent to $105.49 on Thursday amid concerns that an economic slowdown will reduce fuel demand. However, it is up more than 50% from a year ago. The US benchmark, West Texas Intermediate, was down 2% at $103.45.
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