Oil soars on Trump’s comments about Saudi and Russia output cut
Trump says he expects the two countries to cut production sending Brent nearly 50% higher
02 April 2020 - 17:39
New York/London — Oil soared after US President Donald Trump said that he expects Saudi Arabia and Russia to cut production back by 10-million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
It wasn’t clear if Trump meant 10-million barrels per day (bpd), but the announcement caused West Texas Intermediate (WTI) prices to surge by as much as 35% while Brent gained as much as 47%. He also told CNBC that the cut could be up to 15-million barrels...
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