Oil Prices Rebound Amid Possible Deal

oil
  • Oil Prices Rebound Amid Possible Deal

Global oil prices on Thursday rebounded amid hopes of a supply deal between OPEC led Saudi Arabia and Russia.

President Trump, who was reported to have discussed the possibility of a deal with Russia, Wednesday said he thinks the two oil giants would announce a deal in few days.

“I think that they will work it out over the next few days . . . Both know what they have to do,” Mr. Trump told a White House press conference on Wednesday, without giving any further details.

Brent crude, against which Nigerian oil is measured, rose by 12 percent on Thursday during Asian trading session to $27.85 per barrel before pulling back to $26.82 per barrel.

UKOilDailyWhile the US West Texas Intermediate gained 10 percent to $22.55 a barrel before slightly moderating to $22.37 a barrel.

This was despite Dmitry Peskov, spokesman for Russian President Vladimir Putin, refuting Trump’s comments, saying talks with Saudi Arabia ‘have not begun or planned’.

“So far, no one has started talking about any specific or even abstract deals in exchange for Opec+,” he said, adding that “no one is happy with this [oil market] situation,” he told reporters.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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