Oil prices surge nearly 10% after Trump says Russia-Saudi feud can be resolved and as China reportedly builds reserves

Crude futures surged on Thursday, after President Donald Trump expressed optimism that a damaging price war between Saudi Arabia and Russia can be resolved and after a report China is building its stockpiles.

West Texas Intermediate crude for May delivery CL.1, 9.355% surged nearly $2, or 9.6%, to $22.80 a barrel, after slipping 0.8% to settle at $20.31 on Wednesday. June Brent crude BRNM20, 10.024% climbed $2.57, or 10%, to $27.30 a barrel, a day after the contract plunged 6.1% to $24.74 a barrel on ICE Futures Europe.

Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.

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