Headline Roundup • April 2nd, 2020
Oil Prices Rise on Optimism About Russian-Saudi Negotiations
Summary from the AllSides News Team
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Politico
President Donald Trump tweeted on Thursday that Saudi Arabia and Russia appeared to be close to curbing their oil production, a potential lifeline for the U.S. oil sector that has been buffeted by plummeting energy demand from the coronavirus and a flood of crude exports from the two countries.
“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens,...
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.
MarketWatch
Stocks pushed higher Thursday, buoyed after President Donald Trump said Saudi Arabia and Russia had agreed to curb oil production in order to stabilize prices, even after data showed U.S. weekly jobless claims soared to a record.
On Wednesday equities fell sharply to begin the second quarter as investors weighed the start of an onslaught of bad news on the public health front and the economy against hoped-for stimulus as a result of the global COVID-19 pandemic.
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