LONDON (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 0958, Brent was up 8.97%, or $2.22, to $26.96, while U.S. West Texas Intermediate (WTI) crude futures rose 8.81% or $1.79, to $22.10.
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.
“Oil prices are seeing their biggest gains in two weeks this morning…There are two key factors…both of which, however, are not enough to save oil prices from furth