Oil surges on hopes Saudi-Russia price war will end

Markets

Christian Baha / JC

2 April

1 min read

EPA / FILIP SINGER

Crude benchmarks surged on Thursday on hopes that the price war between Saudi Arabia and Russia will be resolved soon.

United States President Donald Trump said he expects the two countries will "work it out over the next few days" after speaking both with Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin.

Brent for May settlement soared 8.61% to $26.88 per barrel at 2:00 am ET, while equivalent West Texas Intermediate futures jumped 7.04% to $21.74 a barrel.

oil

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