Oil on track for best day ever after Trump tells CNBC Saudis, Russia reach production cut agreement

Oil prices skyrocketed on Thursday after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge.

West Texas Intermediate crude futures surged 24.4%, or $4.99 to trade at $25.30 per barrel. Earlier in the session WTI traded as high as $27.39. International benchmark Brent crude jumped 22%, or $5.46, to trade at $30.21 per barrel.