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Reuters: Oil prices are improving again with the features of a Saudi-Russian agreement

Reuters reported that crude prices recorded their largest one-session gains ever today after Saudi Arabia called an emergency producers meeting to deal with market turmoil and US President Donald Trump’s statements that he expects Russia and Saudi Arabia to announce a significant reduction in oil production.

Trump said he had spoken to Saudi Crown Prince Muhammad bin Salman and that he expected Saudi Arabia and Russia to cut oil production by up to ten million barrels and possibly even 15 million barrels, as both countries indicated their willingness to conclude an agreement.

Brent futures rose $ 5.20, or 21 percent, to settle the settlement price at $ 29.94 a barrel, while US West Texas Intermediate crude rose $ 5.01, or 24.7 percent, to close at $ 25.32.

Despite the huge gains, oil prices are still down more than half this year. Source