Oil prices surged Thursday, rebounding from sharp losses on Wednesday, after President Donald Trump said he would get involved in the global price war between OPEC and its allies at an “appropriate time.”
The gains were the best daily performance ever for US crude. Still, prices are down roughly 60 per cent as major producers prepare to ramp up production while the coronavirus pandemic weighs on demand.
US West Texas Intermediate Crude gained 24 per cent to $25.28 per barrel. International benchmark Brent crude gained nearly 14 per cent to $28.26 per barrel.
“We are trying to find some kind of middle ground,” Trump said during a press conference Thursday at the White House. “It’s very devastating to Russia because when you look at it, their whole economy is based on that and we have the lowest oil prices in decades so it’s very devastating to Russia.”