The price for crude on international market gained approximately 12% in early trading as traders believe a large production cut agreement between Russia, Saudi Arabia, and possibly the United States, is in the works and could be announced soon. The increase comes on an approximate 25% price gain yesterday in the commodity.
The increase in the price of crude is helping U.S. equity markets, in spite of this morning’s announcement of over 700k job losses, as the energy sector is a big employer in America.
President Trump said yesterday in a tweet that up to 15 million barrels could be cut per day. Oil stockpiles around the world are bursting at the seams and will take some time to burn off once the economies of the world are open again.