Oil prices soared after President Trump said Saudi Arabia and Russia will announce a deal to cut global production that could reverse a crash in prices
Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.
Brent futures LCOc1 rose $5.20, or 21.0%, to settle at $29.94 a barrel, while U.S. West Texas Intermediate crude CLc1 rose $5.01, or 24.7%, to settle at $25.32. Brent soared as much as 47% during the session, its highest intraday percentage gain ever. WTI jumped as much as 35%, its second highest ever, after an intraday gain of 36% on March 19.
“Despite today’s headlines, we remain skeptical that a deal to cut output will materialize,” analysts at Capital Economics said, noting Saudi Arabia is unlikely to cut output unless Russia and possibly other non-OPEC producers, like the United States and Canada, join in a coordinated reduction.
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