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Saudi Aramco overtakes Apple as world's most valuable company

Rallying oil prices lift state-backed firm while tech stock sell-off hits iPhone maker

Saudi Aramco is expected to announce bumper profits when it reports first-quarter earnings on May 15   © Reuters

LONDON (Financial Times) -- Saudi Aramco has overtaken Apple as the world's most valuable company after higher oil prices pushed shares of the world's biggest crude exporter to record levels, while a broader tech stock sell-off weighs on the iPhone maker.

The Saudi Arabian oil company's market capitalization on Wednesday was $2.426 trillion, exceeding Apple's $2.415 trillion by just over $10 billion.

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