Oil prices surge
nearly 10% after Trump says Russia-Saudi feud can be resolved and 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, 9.897% 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, 10.711% 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.
The first quarter has
been punishing for financial markets, with oil especially punished by a
Russia-Saudi price war that is flooding the market with supply and demand
destruction from the global economic shutdown due to the coronavirus outbreak.
The U.S. benchmark
lost 66.5% in the first quarter, the largest quarterly percentage loss based on
records dating back to March 1983. Global benchmark Brent slid 65.6% for the
quarter—the largest quarterly decline based on records dating to June 1988.
But Thursday
indicated hope on at least one front of the dual issues facing the industry. “I
have confidence in both that they’ll be able to work it out,” Trump said
Wednesday at a White House press briefing, of the price spat between Russia and
Saudi Arabia.
Bloomberg News
separately reported China is taking advantage of low prices to build its
reserves. The report said China may be buying an additional 100 million barrels
over the course of the year.
The Energy
Information Administration reported Wednesday that U.S. crude supplies rose by
13.8 million barrels for the week ended March 27, marking a 10th straight
weekly increase. Analysts polled by S&P Global Platts expected the data to
show a rise of 4.6 million barrels.
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