international magazine
03-04-2020 10:01


TRUMP TWITS TO SUPPORT CRUDE PRICES BIG TIME



TRUMP TWITS TO SUPPORT CRUDE PRICES BIG TIME
Oil prices skyrocketed closer to $30/bl with the Brent mix growing by 17.37% and the WTI by 19.79% to $25.32/bl, and US prices up by 25% after President Donald Trump twitted on 2 April 2020:


@realDonaldTrump


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!

Prices had already been moving higher on prospects for a decline in U.S. crude production after energy exploration and production company Whiting Petroleum Corp. filed for bankruptcy on Wednesday 1 April, and from a report that China was building its stockpiles.

News agency Sputnik reported that Kremlin spokesman Dmitry Peskov refuted Trump’s claim about a phone conversation between Putin and the Saudi crown prince. “No. There was no such conversation,” Peskov said when asked if Putin had a phone conversation with bin Salman, - they net in October 2019, - the news agency reported.



Meanwhile, Saudi Arabia's official new agency, the Saudi Press Agency, tweeted the kingdom has called for an “urgent” meeting of the Organization of the Petroleum Exporting Countries and its allies “with the aim of reaching a fair solution to restore a desire[d] balance of the oil markets.”
“All the fine details seem to still be up in the air so President Trump’s tweet might have been premature,” said Edward Moya, senior market analyst at NY based Forex broker in a typical New York financist’s fashion of downplaying whatever Donald Trump would say.