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UPDATE: U.S. oil prices settle nearly 25% higher; Trump expects a Saudi Arabia-Russia output cut
Today 3:14 PM ET (MarketWatch)

Oil futures rallied Thursday (http://www.marketwatch.com/story/oil-prices-surge-nearly-10-after-trump-says-russia-saudi-feud-can-be-resolved-2020-04-02), finding support after President Donald Trump tweeted (

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, will be GREAT for the oil & gas industry!

— Donald J. Trump (@realDonaldTrump) April 2, 2020

) that he spoke to Saudi Arabia's Crown Prince Mohammed bin Salman, who held a discussion with Russian President Vladimir Putin, and now expects the two major oil producers to announce a production cut of "approximately 10 Million Barrels." Trump later tweeted (

.....Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!

— Donald J. Trump (@realDonaldTrump) April 2, 2020

) that the cut could be as high as 15 million barrels. Saudi Arabia has also called for an "urgent" meeting of OPEC and its allies. News reports, however, said a Russian spokesman denied that Putin spoke with the Saudi crown prince. May West Texas Intermediate oil rose $5.01, or 24.7%, to settle at $25.32 a barrel on the New York Mercantile Exchange after trading as high as $27.39.

-Myra P. Saefong; 415-439-6400; [e-mail]

(END) Dow Jones Newswires

April 02, 2020 15:14 ET (19:14 GMT)

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