Saudi Aramco shares shed gains

Riyadh: Saudi Aramco shares have lost most of the gains they made since listing in December in a landmark first offering, as oil prices drop amid alarm over the new coronavirus. China´s energy demand has sagged as authorities lock down millions of people to prevent the spread of the disease, with major knock-on effects for a global economy dependent on the Asian powerhouse. The slump, which has slashed main oil contracts by up to 20 percent since the virus panic began, threatens to undercut Gulf economies that have already been battling both low prices and low demand for energy exports.