Oil jumps as Trump talks up truce hopes for Saudi-Russia price war
Crude oil futures surged 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 5.9 per cent, or $1.46, to $26.20 as of 0418 GMT, while US West Texas Intermediate (WTI) crude futures were up 4.6 per cent or 94 cents, at $21.25.
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.
