Trafigura CEO Jeremy Weir provides insight into the oil price war between Saudi Arabia and Russia.
Oil prices rallied sharply Thursday morning as Russia and Saudi Arabia reportedly moved closer to an agreement on production cuts.
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The two sides, which are holding a virtual meeting due to travel and distancing restrictions amid the COVID-19 pandemic, have removed the biggest obstacles to an agreement, paving the way for a deal, Reuters reports.
Brent crude oil, the international benchmark, rose 6.7 percent to $35.04 a barrel while West Texas Intermediate, the U.S. benchmark, climbed 12.7 percent to $28.28.
WTI crude had plunged 60 percent from its Jan. 6 peak through Wednesday as the price war between Russia and Saudi Arabia exacerbated a supply glut while the COVID-19 pandemic crushed demand.
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A virtual meeting of energy ministers from the world’s 20 largest economies will follow on Friday to “foster global dialog and cooperation to ensure stable energy markets and enable a stronger global economy,” according to a statement from the G20.
This story is developing. Check back for updates.
