Brent crude rallied nearly 12 per cent on hopes of a supply deal among major oil producers led by Saudi Arabia and Russia to alleviate a price collapse triggered by the coronavirus outbreak.
US president Donald Trump said he had spoken in recent days with the leaders of Russia and Saudi Arabia and believed a deal to end a price war — that has taken Brent to the lowest level since 2002 — would be made in “a few days”.
Saudi Arabia had pushed for a deal to deepen and prolong production curbs ahead of a March meeting of oil ministers, but it was met with reluctance by Russia. This prompted Saudi Arabia to pursue a ‘pump at will’ strategy to shock the market, cutting prices for its crude and raising production to record levels.
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