Oil Prices Advance due to Hopes of U.S. Leader Intervention

Oil prices continued to gain momentum on Friday after U.S. Leader Trump made it clear that he might get involved into the price war between Russia and Saudi Arabia at “the right time.”

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Crude rates were also buoyed by the U.S. intention to acquire up to 30M barrels through June for its emergency case reserves, while regulators in Texas, the country’s biggest oil producing area in the country, are reportedly assessing a production cut.

International Brent benchmark soared by 7.14 percent, to $30,24 per barrel, while the U.S. WTI crude surged by 8.39 percent, to $27,09 per barrel at 0859 GMT.

The White House administration is considering a diplomatic push that would force Saudi Arabia to cut output, as well as possible sanctions against Russia. These measures will have to force both countries to reduce production, the WSJ reported, citing unnamed sources.

Source: Reuters