Oil jumps 10 per cent as Trump talks up truce hopes for Saudi-Russia price war
Crude oil futures jumped 10 per cent on Thursday after US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
Brent crude futures rose 11.36 per cent, or $2.81, to $27.55 as of 0701 GMT, while US West Texas Intermediate (WTI) crude futures increased 10.0 per cent or $2.03, at $22.34.
Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” – lowering production and bringing prices back up.
