Oil Jumps 5% after Trump Expecting a Truce in Saudi-Russia Price Retaliation

Following the U.S. President Donald Trump expressed that he expected Saudi Arabia and Russia to achieve a deal in order to end the oil price war, crude oil futures increased nearly 5% in this morning trading market. Brent crude as well surged by 4% or $1 to $25.74/bbl. While WTI jumped 3.7% or 75 cents to $21.06.

 

As Trump said at a news conference that he expected those two countries to “work it out over the next few days” as the oil industry already “ravaged” after oil price severely slashed  to hit 18-year lows record amid a retaliation between Saudi Arabia and Russia for market share, along with the declining demand of oil consumption across the the world because of coronavirus of covid-19 spreading. 

 

“It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal,” Trump said at the White House.