Wednesday, April 1, 2020

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Oil prices soared Thursday after President Trump said he expects and hopes Saudi Arabia and Russia will be making huge cuts to their oil production in order to restore calm to the market. ⁣ ⁣West Texas Intermediate crude oil, the U.S. benchmark, surged by as much as 35 percent to $25.32 a barrel, while Brent crude oil, the international benchmark, jumped 47 percent to $36.29. Both energy components pared their gains, but were still trading up more than 23 percent. ⁣ ⁣“I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” Trump tweeted in regards to Saudi Arabia and Russia.

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