Crude has celebrated the near end of the price war between Russia and Saudi Arabia with the OPEC in the middle. Donald Trump has shot oil up to 40% this Thursday after confirming a truce between both countries that, together with the coronavirus crisis, have been weighing down the so-called black gold in recent weeks.
The barrel of West Texas, benchmark in the US, it has shot up 24% to $ 25.17 (it has risen 29%). In turn, that of Brent, a benchmark in Europe, has risen 17.8% to $ 29.14, although it has risen 41%.
The US president has claimed to have been in telephone contact with both countries recently and hopes "in the coming days" an oil ceasefire between the two powers of crude oil.
Trump has anticipated that both countries have agreed to a production cut of up to 10 million barrels per day, which could even go as high as 15 million, according to comments made to CNBC.
Vladimir Putin has also offered signs for hope and on Wednesday he dropped that Russia and Arabia should find a solution that improves the "challenging" ecosystem that is facing oil. Currently, the markets for this raw material face an oversupply of 15 million barrels per day in the second quarter of this year.
Nevertheless, the Kremlin has denied that President Putin has spoken to the Saudi crown prince and that a new agreement has been reached to cut production.
Oil demand is decreasing and China, the world's largest oil importer, was one of the hardest hit by the virus crisis. Rystad Energy estimates that global demand for black gold plummeted 23% in April.
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