Crude oil futures jumped nearly 5 per cent in early trading on Thursday after US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war.
Brent crude futures rose 4 per cent, or $1, to $25.74 as of 0118 GMT, after touching a high of $25.89. US West Texas Intermediate (WTI) crude futures were up 3.7 per cent or 75 cents, at $21.06, after hitting a high of $21.47.
Trump said at a news conference the oil industry had been “ravaged”, with oil prices having plummeted to 18-year lows amid a battle for market share between Saudi Arabia and Russia and fuel demand being slammed by the coronavirus pandemic. He said he expected the pair would “work it out over the next few days” after talking to both countries’ leaders.
