Oil rallies as Trump talks up truce hopes for Saudi-Russia price war

Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets. 

Brent crude futures rose 11.36%, or $2.81, to $27.55 as of 0701 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased 10.0% or $2.03, at $22.34.

Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” – lowering production and bringing prices back up.

Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.

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