Crude-oil jumps in single-day record after President Trump expresses hopes of Saudi-Russia pact
U.S. oil prices jumped 25% Thursday in their biggest one-day rally on record, lifted by investors’ hopes that initial steps to end a global price war will offer a reprieve to an industry battered by a coronavirus.
The gains capped a wild day of trading, in which an early climb accelerated after President Trump tweeted that he expected Russia and Saudi Arabia to agree to cut production by millions of barrels a day. Prices then soared as much as 35% before turning lower after the Kremlin denied talking to the Saudis.
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