Home » Industries » Oil price surges as Trump predicts fast Russian-Saudi resolution
Oil price surges as Trump predicts fast Russian-Saudi resolution
Trump: ‘The oil industry is being ravaged’
President Trump believes the oil dispute between Russia and Saudia Arabia will resolve things in the coming days.
President Trump said he expects Russian and Saudi leaders will reach a resolution in their oil price war that has plunged oil’s value, saying during a coronavirus news conference Wednesday that both sides “know what to do to solve it.”
Continue Reading Below
The price of benchmark crude oil surged 9 percent on Thursday to $22.22 per barrel Wednesday. The price of Brent crude oil, which is used as an international standard, jumped 9.5 percent to $27.13.
“I think that they will work it out over the next few days,” he said. “It’s too simple. They both know what they need to do.”
The president said Tuesday that he’d spoken with both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman about the issue and that the conversations had gone well.