Oil futures rallied Thursday, finding support after President Donald Trump tweeted that he spoke to Saudi Arabia's Crown Prince Mohammed bin Salman, who held a discussion with Russian President Vladimir Putin, and now expects the two major oil producers to announce a production cut of "approximately 10 Million Barrels."
Trump later tweeted that the cut could be as high as 15 million barrels. Saudi Arabia has also called for an "urgent" meeting of OPEC and its allies. News reports, however, said a Russian spokesman denied that Putin spoke with the Saudi crown prince.
May West Texas Intermediate oil rose $5.01, or 24.7%, to settle at $25.32 a barrel on the New York Mercantile Exchange after trading as high as $27.39.
Source : MarketWatch