Oil jumps as Trump talks up truce hopes for Saudi-Russia price war - Reuters:
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.
Brent crude futures rose more than 11% in early trade. By 1132 GMT, Brent was up 10.75%, or $2.66, to $27.40, while U.S. West Texas Intermediate (WTI) crude futures rose 10.09% or $2.05, to $22.36.
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.
Trump also said he had invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and the Saudi Arabia/Russia price war.
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