Oil prices surge after Trump says he expects Saudi Arabia and Russia to end their price war and reach a deal
Evan Vucci/AP
- Oil prices surged by about 10% on Thursday after U.S. President Donald Trump said he called on Saudi Arabia and Russia to reach a deal to end their price war and mitigate a price collapse.
- Trump spoke to leaders in both countries as global demand for oil continues to evaporate while much of the world is in lockdown.
- The Saudi Arabia-Russia pact is expected to scale back a supply surge which led to U.S. oil reaching an 18-year low earlier this week.
- Visit Business Insider's homepage for more stories.
Oil prices rallied on Wednesday after President Donald Trump said he recently spoke with leaders in Saudi Arabia and Russia to address concerns over their price war. Trump said he believed the two countries would make a deal within a few days. The deal is expected to lower production and bring prices back up.
Following Trump's comments, Brent crude oil jumped 10.11% to $27.16 as of 0822 GMT on Thursday, while U.S. West Texas Intermediate (WTI) crude rose 8.76% to $22.09.
See the rest of the story at Business Insider
NOW WATCH: 6 creative strategies to deal with student loan debt
See Also:
- Trump signs the $2 trillion coronavirus economic relief bill into law, which includes checks for Americans and business loans
- The meltdown in oil prices could soon see some producers actually paying people to take their oil. Here's how that could play out.
- Bill Miller's fund crushed the market for a record 15 straight years. He told us his strategy for the coronavirus meltdown, calling it 'one of the 5 great buying opportunities of my lifetime.'
SEE ALSO: Iraq reportedly plans to join the global oil war with prices already near 18-year lows
SEE ALSO: Trump just acknowledged downplaying the coronavirus threat: 'I knew it could be horrible'
from Feedburner https://ift.tt/2USdWP2
No comments