Oil Skyrockets by 24% on Trump’s Tweet of Saudi-Russia Agreement, Kremlin Denies Trump!

Over the night, oil prices surged 24% to the best single-day gain on record after the U.S. President Donald Trump said that he had spoken to the crown prince of Saudi Arabia Mohammad Bin Salman, who also had spoken to President Vladimir Putin, and expected an oil cut upto 15 million barrels per day.

 

WTI jumped 24.67% to $25.32/bbl, making it the largest single-day percentage gain in history. Meanwhile, the international benchmark Brent crude rose 17.8% to trade at $29.14/bbl.

The discussion between Saudi Arabia and Russia would end the price war which started earlier March when the two countries tried to pump oil as much as they can to dump the price.

However, the Russian media reported that President Vladimir Putin did not speak to Saudi as the U.S. president tweeted on Thursday. “No, there was no conversation,” Putin’s spokesman Dmitry Peskov told Interfax news on the matter of Trump’s tweet, while adding that “so far” there were no plans for such talks.

As of 8:07 local time in Bangkok (GMT+7), WTI dropped 5.06% to $24.04/bbl and Brent dipped 2.04% to $29.33/bbl.