Oil soared after U.S. President Trump said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
It wasn’t clear if Trump meant 10 million barrels a day, but the announcement caused West Texas Intermediate prices to surge by as much as 35% while Brent gained as much as 47%. He also told CNBC that the cut could be up to 15 million barrels.
The move comes after oil was already climbing after Beijing instructed government agencies to start buying cheap crude for its strategic reserves.
