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OIL PRICE REBOUNDS ON HOPES SAUDI ARABIA AND RUSSIA WILL REACH DEAL
Global oil prices rebounded to more than $30 a barrel for the first time in almost a month on Thursday after Saudi Arabia and Russia signalled a possible truce in a price war that has triggered the fastest oil market collapse in decades.
The price of Brent crude leapt by 30% after the US president, Donald Trump, fanned hopes of a new deal between Riyadh and Moscow to help stabilise the oil market. Oil prices fell to 18-year lows of $23 a barrel earlier this week as Russia and Saudi Arabia prepared to wrestle for a greater share of the market by increasing production despite falling energy demand because of the Covid-19 pandemic.
Trump tweeted on Thursday that he had spoken to Saudi crown prince Mohammed bin Salman and expected Riyadh and Moscow to cut output by as much as 15m barrels a day. Read more HERE.
Global oil prices rebounded to more than $30 a barrel for the first time in almost a month on Thursday after Saudi Arabia and Russia signalled a possible truce in a price war that has triggered the fastest oil market collapse in decades.
The price of Brent crude leapt by 30% after the US president, Donald Trump, fanned hopes of a new deal between Riyadh and Moscow to help stabilise the oil market. Oil prices fell to 18-year lows of $23 a barrel earlier this week as Russia and Saudi Arabia prepared to wrestle for a greater share of the market by increasing production despite falling energy demand because of the Covid-19 pandemic.
Trump tweeted on Thursday that he had spoken to Saudi crown prince Mohammed bin Salman and expected Riyadh and Moscow to cut output by as much as 15m barrels a day. Read more HERE.
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