Crude oil futures jumped nearly 5% in early trading on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war.
Trump said at a news conference the oil industry had been “ravaged,” with oil prices plummeting to an 18-year low amid a battle for market share between Saudi Arabia and Russia. Fuel demand has also dropped dramatically due to the coronavirus pandemic.
“It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal,” Trump told reporters at the White House.