Oil prices rocket as Trump signals end to price war

LONDON: Oil prices rocketed on Thursday after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output.

"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!" said Trump.But the Kremlin denied Putin had spoken to the crown prince. The kingdom, which is the cartel's kingpin, launched last month a vicious price war, after the Organization of the Petroleum Exporting Countries and Russia failed to clinch a deal to slash output as the deadly coronavirus battered oil demand.Slashed global demand, along with the price war, sent oil prices to their lowest levels in 18 years this week. WTI slumped below US$20, having lost around 65 per cent of its value in the first quarter.

Despite evaporating demand, production has continued apace as Russia and Saudi Arabia vie for market share, with the excess oil struggling to find space in overstretched storage facilities around the world.Western Canadian Select had earlier this week traded at"four to five dollars. With the transport cost it means that the price is negative", Per Magnus, head of analysis at Rystad Energy, told AFP.

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