Oil Rises To $32 As Trump Raises Hopes For Russia-Saudi Arabia Pact.
The international oil benchmark, Brent crude, experienced a huge jump on Thursday , trading around $32 per barrel,
This rise came after the US president Donald Trump spoke with the leaders of Russia and Saudi Arabia.
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According to Trump in a tweet, he believes a deal to end a price war that has taken Brent to the lowest level since 2002 would be agreed on soon.
Since the outbreak of coronavirus, global crude oil prices have been badly hit causing demand for the commodity to shrink.
Following this negative impact on the industry, OPEC countries led by Saudi Arabia proposed a production cut of 1.5 million barrels per day in March..
However, OPEC+ countries led by Russia rejected the cut, sparking a price war between the two oil giants .
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But Trump says there is hope to cut oil supply by 10 million barrels per day.
He also spoke about meeting with oil industry chief executives, which according to the Wall Street Journal, would happen on Friday.
“We don’t want to lose our great oil companies,” President Trump said.
