Oil prices surged yesterday after Donald Trump claimed that Saudi Arabia and Russia were on the brink of cutting their production to counter the collapse in demand from the coronavirus pandemic. The US president said that the countries could curb output by as much as 15 million barrels per day, about 15 per cent of global supplies, sending Brent crude up by as much as 47 per cent at one point yesterday. It fell back to trade up 22.02 per cent at $29.94 a barrel last night on signs that a deal was far from done, still a record one-day percentage gain. Saudi Arabia called for urgent talks between a wide group of producers, while Russia denied having spoken to Saudi Arabia.
Times 3rd April 2020 read more »
Oil soared more than 30pc after Donald Trump said he expects Russia and Saudi Arabia to slash production and end a bitter feud that fuelled a price crash.
Telegraph 2nd April 2020 read more »