Oil leaps on positive murmurings by Donald Trump

The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US. File photo: REUTERS/ANGUS MORDANT

Trump said he had talked recently to 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. “The first, US oil diplomacy efforts towards Saudi Arabia and Russia ... The second big news driving the positive sentiment was rumours that China will speed-up its crude purchases for their strategic stockpiles.”

With markets facing 15-million barrels per day of oversupply in the second quarter and storage maxing out in April, extraordinary curtailments of oil supply will be needed in May and June, said Kang Wu, head of Asia analytics at S&P Global Platts. “This is a clear sign that the Saudis are not ready to back off in the price war, despite the Russians now saying that they will not increase output given the current oversupply in the market,” ING said in a research note on Thursday.

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